Bernanke on Economic Outlook and Policy
Chairman Casey, Vice Chairman Brady, and other members of the
Committee, I appreciate this opportunity to discuss the economic outlook
and economic policy.
Economic growth has continued at a moderate rate so far this
year. Real gross domestic product (GDP) rose at an annual rate of about 2
percent in the first quarter after increasing at a 3 percent pace in
the fourth quarter of 2011. Growth last quarter was supported by further
gains in private domestic demand, which more than offset a drag from a
decline in government spending.
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