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Bernanke: Economic weakness to continue
(Agencies)
Updated: 2008-12-02 10:25

Trader Gregg Russo looks up at the closing numbers on the board from the floor of the New York Stock Exchange, December 1, 2008. US stocks stayed near session lows on Monday after Federal Reserve Chairman Ben Bernanke said that the US economy remained under considerable stress. [Agencies]

NEW YORK -- Federal Reserve Chairman Ben Bernanke said on Monday that the United States' economic weakness will persist for some time, even if the government's efforts to boost lending help restore the credit markets to normal.

"The likely duration of the financial turmoil is difficult to judge, and thus the uncertainty surrounding the economic outlook is unusually large," said Bernanke.

Bernanke, addressing business leaders in Austin, Texas, said the Fed will continue to use the tools it has been given to fight the financial crisis. He hinted at further aggressive actions like the ones taken recently to prop up the short-term commercial paper market or buy $600 billion in securities and debt held by Fannie Mae and Freddie Mac.

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