Despite declines in oil and commodity prices, there will be no quick economic turnaround, according to Federal Reserve Board chairman Ben S. Bernanke, who warned Congress yesterday there will be “several quarters” of below-trend growth.

“One brighter note is that the declines in the prices of oil and other commodities will have favorable implications for the purchasing power of households,” Bernanke said, according to prepared text of his testimony before the House Committee on the Budget, released by the Fed. “Nonetheless, the pace of economic activity is likely to be below that of its longer-run potential for several quarters.”

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