(August 22, 2008)--Federal Reserve Chairman Ben Bernanke said Friday the lingering credit crisis is causing rising unemployment and "softening economic activity."
Speaking at a Fed conference in Wyoming, Bernanke said the recent drops in the prices for oil and other commodities are welcome, suggesting inflation should moderate this year and next.
Even so, he says the inflation outlook remains highly uncertain.
He said the central bank will "act as necessary" to ensure that inflation doesn't get out of control.
Bernanke said the current financial and economic environment is one of the most challenging for Fed policymakers "in memory."
Many believe the Fed will keep rates steady when it meets again on Sept. 16.
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