Core CPI still "uncomfortably high" - Bernanke

Fed chairman, Ben Bernanke, appeared to pour cold water on suggestions of an imminent cut in US interest rates in a speech in New York on 28 November.

Speaking before the National Italian American Foundation, Bernanke said the slowdown in US GDP growth "appears to be taking place roughly along the lines envisioned."

Earlier this year, Bernanke suggested that a slowdown in growth in the latter half of 2006 would reduce inflationary pressures and justified a pause in the Fed's rate hiking cycle.