Federal Reserve's Monetary Policy Report, Feb 2007

The Federal Reserve published its February 2007 Monetary Policy Report to the Congress on Wednesday 14 February. Ben Bernanke told Congress that the US economy should grow modestly this year and he maintained the Fed's forecast that inflation will continue to ebb.

Even with recent improvements in "core" or underlying inflation, the situation remains "somewhat elevated," Bernanke said. Core inflation excludes the more volatile categories of energy and food.

Bernanke, delivering the report to

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