Federal Reserve Chairman Ben Bernanke has blamed the recent spike in commodity prices for the rise in inflation in the U.S., and said it wasn’t likely to last, according to Reuters.
Speaking in Stone Mountain, Georgia, Bernanke said he would be watching inflation and inflation expectations “extremely closely,” but that he believed the current increase in inflation in the U.S. to be “transitory.”
Bernanke said the Fed remains concerned about the housing market, noting that the large amount of foreclosures were slowing the broader economy.
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