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Bernanke: US economy still needs Fed stimulus

Federal Reserve Bank Chairman Ben Bernanke testifies in the US Senate on February 26, 2013 in Washington. Federal Reserve Chairman Ben Bernanke said Tuesday that the US economy still needs the Fed's stimulus, and warned that looming steep budget cuts could further slow growth. Stressing that high unemployment remains the key challenge to the economy, Bernanke told a Senate panel that the central bank's extraordinary $85 billion a month bond-purchase program, aimed at holding down long-term interest rates and encouraging investment, was still merited.