WASHINGTON — The sluggish economy won't improve for a while and could prompt a lowering of interest rates, Federal Reserve Chairman Ben Bernanke said today.
"All told, economic activity is likely to be subdued during the remainder of this year and next year," he said in a speech to the National Association for Business Economics. "In light of these developments, the Federal Reserve will need to consider whether the current stance of policy remains appropriate."
The Fed's Open Market Committee, the panel that sets rates, is scheduled to meet on Oct. 28 and 29. The current rate that banks use when they lend each other money is 2%.
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