Federal Reserve Board chairman Ben Bernanke broke little new ground yesterday as he reiterated that the Fed is likely to keep the federal funds “exceptionally low ... for an extended period.”

Bernanke, presenting the Fed’s ­semi-annual Monetary Policy Report to ­Congress, said the central bank will need to tighten monetary policy “at some point” to contain inflation, and said the Fed has the tools it needs to do that.

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