Bernanke Says Interest Rates To Remain Low

Washington, DC, Feb. 25, 2010--Federal Reserve Chairman Ben Bernanke said Wednesday that he wasn't close to raising interest rates and tightening credit.

In his semi-annual testimony to Congress on the economy and monetary policy,  Bernanke said that short-term interest rates, now near zero, were likely to remain there for at least several more months.

He cited worries about what he called the "nascent recovery"—marked by high unemployment, fragile real-estate markets, weak lending and large budget deficits. He said slack in the economy meant the federal-funds rate would remain near zero for an "extended period."

The economy, he said, "still requires support for recovery."