Bernanke Speaks, Stocks Drop

Ben reiterates mild inflation expectations.

                                   

"The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer price inflation -- an outlook consistent with the projections of both FOMC participants and most private forecasters,” Bernanke told lawmakers. “That said, sustained rises in the prices of oil or other commodities would represent a threat both to economic growth and to overall price stability, particularly if they were to cause inflation expectations to become less well anchored.
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 What the hell else is there besides food and energy to make prices rise?