Bernanke Says Better Times Are Near

By: Associated Press
By: Associated Press
Fed Chairman says economy is "leveling out."

Federal Reserve Chairman Ben Bernanke delivers remarks at the FDIC Forum on Mortgage Lending for Low and Moderate Income Households, Tuesday, July 8, 2008, in Arlington, Va. (AP Photo/Luis M. Alvarez)

Federal Reserve Chairman Ben Bernanke says the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.

In a speech at an annual Fed conference in Jackson Hole, Wyo., Bernanke says economic activity in both the U.S. and around the world appears to be "leveling out," and "the prospects for a return to growth in the near term appear good."

The more upbeat assessment was consistent with the Fed's observations earlier this month as it took a small step toward pulling back some emergency programs to revive the economy.


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