Signs point to a moderate recovery in the near future, Federal Reserve Board chairman Ben S. Bernanke told Congress yesterday, and while he made no mention of monetary policy, inflation was expected to be subdued and housing was still a concern.

“Supported by stimulative monetary and fiscal policies and the concerted efforts of policymakers to stabilize the financial system, a recovery in economic activity appears to have begun in the second half of last year,” Bernanke told a Congressional Joint Economic Committee, according to prepared text of his remarks released by the Fed.

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