July 14 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said inflation now is “higher” and “closer” to the central bank’s informal target than was the case in August.
Bernanke in comments today at a Senate Banking Committee hearing said the increase in inflation this year is one reason why the Fed won’t immediately embark on a third round of bond-buying.
“We’re not prepared at this point to take further action,” he said.
To contact the reporter on this story: Jeannine Aversa in Washington at email@example.com
To contact the editor responsible for this story: Chris Wellisz at firstname.lastname@example.org