Federal Reserve Chairman Ben Bernanke said the U.S. economy could face a mild recession but that growth should pick up as the impact of aggressive interest rates cuts are felt.
"Recession is possible, but recession is a technical term ...I'm not ready to say whether or not the U.S. economy will face such a situation," Bernanke told the congressional Joint Economic Committee.
"It's clearly a period of very slow growth extending back to the fourth quarter of last year, and we are trying to set our policies appropriately for that situation," he said.