Young and Frederick - ScotiaMcLeod Whitby

Jeannine Aversa
Washington - The Associated Press

Federal Reserve chairman Ben Bernanke told Congress on Wednesday that record-low interest rates are still needed to ensure that the economic recovery will last and to help ease the sting of high unemployment.

In his twice-a-year report to the House Financial Services Committee, Mr. Bernanke struck a confident tone that the recovery should endure. But he also sought to tamp down expectations.

The moderate economic growth the Fed expects will lead to only a slow decline in the nation's nearly double-digit unemployment rate, he said.

He offered no new clues about the timing of an interest rate increase. Most economists think it is months away. Mr. Bernanke said rates will need to stay at exceptionally low levels for an extended period “as the expansion matures.”