Ben Bernanke urged Congress on Wednesday to act to bring down long-term budget deficits, or else face a future debt trap, reports the FT. The Fed chairman said that recent sharp increases in bond yields – from below 3% to 3.76% last week for 10-year Treasuries – reflect “concern about large federal deficits” as well as new optimism about the economy and other factors. Reuters meanwhile reports that the Obama administration plans to unveil on June 17 its sweeping plan to overhaul financial regulation.

This entry was posted by Gwen Robinson on Thursday, June 4th, 2009 at 5:16 and is filed under Capital markets, People. Tagged with ben bernanke. Edit this entry.