Federal Reserve Chairman Ben Bernanke will testify today before the House Financial Services Committee, following up on the grim assessment of the economy he delivered to lawmakers on Tuesday. Bernanke warned that inflation "seems likely to move temporarily higher in the near term," but he cautioned that weak economic growth will make it hard for the Fed to fight inflation with higher interest rates. "The economy continues to face numerous difficulties, including ongoing strains in financial markets, declining housing prices, a softening labor market and rising prices of oil, food and other commodities," Bernanke said.

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