Bernanke Says US Growing at Moderate Pace, Fed Monitoring European Crisis
A United Nations report downgrades prospects for global growth and says efforts to reduce debt through fiscal austerity in Europe appear to be backfiring. U.N. experts warn the escalation of the European debt crisis could cause "severe turmoil" in financial markets around the world. The report came as Fed chief Ben Bernanke on Thursday told U.S. lawmakers the central bank is prepared to act if needed. Mil Arcega has more.