The New York Times
March 1, 2011

WASHINGTON — Federal Reserve Chairman Ben S. Bernanke expressed confidence on Tuesday that the American economy would continue to grow this year, despite rising oil prices and a weak housing market.

“We have seen increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold,” Mr. Bernanke said in testimony. But he added that “until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established.”

And the Fed chief again defended the Fed’s large and unprecedented stimulus program, saying that it was playing a crucial role in the recovery and that it was too soon to suspend or start winding down that support.

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