The text of Federal Reserve Board chairman Ben Bernanke’s text testimony before the Senate Banking Committee yesterday reiterates that the U.S. is in a severe economic contraction that continued into the first quarter and that risks are to the downside, but hints that Fed officials see only modest recovery that might not raise inflation rates any time soon.

Bernanke’s text concentrates on reviewing credit programs, assuring that these steps will ease markets’ ills and indicating that transparency will be enhanced by additional disclosures.

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