A couple of points from Bernanke’s testimony

• US economy will begin to turn up later provided the financial sectors continue to heal
• Unemployment though will remain high for a while
• “we continue to expect economic activity to bottom out, then turn up later this year”
• However, the rate of growth of economic activity is likely to remain below its longer-run potential for a while.
• Jobless rate will stay below 10% and will peak early in 2010