(ABNA.IR) - “We certainly have in the near term and the medium term ... some very difficult challenges,” Bernanke said in remarks at a town hall event held by the Fed in New York City on Thursday.
He further pointed out that the Fed needs to do its part and support the economy as the jobless rate in America is almost 10 percent.
“The unemployment rate is still almost 10 percent, inflation is quite low, and the Federal Reserve has the responsibility ... to do our part to help the economy recover and make sure that jobs come back to the United States,” he added.
The US Fed recently said it stands ready to act to help the recovery if necessary, promising to maintain interest rates low for an extended period and has injected $1.7 trillion into the financial system through purchases of longer-term Treasury securities and mortgage-related debt.
The US Commerce Department said earlier in August that due to the highest surge in imports in 26 years, US economic growth has experienced a major slowdown in the second quarter of 2010 compared to predictions.
The cut in growth stemmed mainly from a "sharp acceleration in imports and sharp deceleration in private inventory investment," the Commerce Department said.
It is down from an initial estimate of 2.4 percent last month and much slower than the first quarter's 3.7 percent pace.
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