Repossesion rates soar across Hampshire

Ben Bernanke, the chairman of the U.S. Federal Reserve Board, said Thursday that the economic outlook in the United States had worsened, leaving room for the central bank to reduce interest rates yet again. Testifying before the Senate Banking Committee, Bernanke said he still expected the economy to grow at a "sluggish" pace in the next few months and pick up speed later in the year. While continuing to avoid predictions of a recession, the Fed chairman told lawmakers that Fed officials had lowered their forecasts and would be "carefully evaluating incoming information on the economic outlook and will act in a timely manger as needed to support growth." "The outlook for the economy has worsened in recent months, and the downside risks to growth have increased," Bernanke said, noting that the spiraling losses in home mortgages have dragged down the broader credit markets and shaken the broader economy. read more