Federal Reserve Chairman Ben Bernanke told lawmakers Wednesday that the economy is likely to grow at a tepid pace for the rest of 2011.
He said at a hearing of the House Financial Services Committee that "the pace of the economic recovery over coming quarters will likely remain moderate, that the unemployment rate will consequently decline only gradually, and that inflation will subside.''
Bernanke also said the decline in home values is causing the stagnation of household wealth.
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