WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke sounded a cautiously upbeat note on the U.S. economy on Wednesday but warned that corralling government debt was vital to ensuring the nation's long-term health.In testimony to Congress, Bernanke sounded more confident that the U.S. recession would end this year than he had just one month ago, and he said the risk of a dangerous downward spiral in prices had receded.
Delivering a message that appeared aimed at soothing jittery financial markets and reassuring foreign investors that the United States would get a grip on its budget once the economic crisis has passed, Bernanke said rising deficits posed a significant long-term threat.
"Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance," Bernanke told the House of Representatives' Budget Committee.
"Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth."
He said rising debt was contributing to a jump in longer-term interest rates. However, he gave no clue as to whether the U.S. central bank would step up its purchases of government and mortgage-related debt to keep rates low, something investors have been watching for.
Financial markets largely shrugged off Bernanke's testimony, with weaker-than-expected economic data driving prices for U.S. stocks down and Treasury debt up.
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