WASHINGTON — Federal Reserve Board chairman Ben Bernanke yesterday gave no clear signals of where he and his fellow monetary policymakers will be taking interest rates in coming months, pointing to both “significant downside risks” to economic growth and to “intensified” inflation pressures.

Bernanke, presenting his mid-year monetary policy report to Congress before the Senate Banking Committee, suggested it is not easy for the Fed to determine the appropriate policy stance just now. Balancing upside and downside risks presents the Fed with a “significant challenge,” he said.

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