Speaking at the Kansas City Fed Bank's two-day conference on financial stability in Jackson Hole, Wyoming, Fed Chairman Ben Bernanke said the Fed will raise rates if needed to contain inflation. He said that the declines in the price of oil and the recent strength and stability of the dollar were encouraging but that policymakers would raise rates if inflation continues to be a problem.
In July, the consumer price index rose to 5.6 percent, the fastest increase on an annual basis in 17 years
At the same time, the economy continues to weaken with over 430,000 job losses since January, over 500 billion in writedowns from banks, and anemic to no growth in the economy.
Ben, you have a real tough job ahead of you.
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