Wednesday, July 18, 2007
US starts to admit it’s not so rosy
Wall Street was roiled on Wednesday by a combination of factors. These included disappointing earnings and guidance, renewed worries over financials and cautious remarks on the outlook for the economy from Ben Bernanke, the US Federal Reserve chairman. In his prepared remarks before Congress, Mr Bernanke stressed concerns over inflation and the housing market and the Fed lowered its growth forecast for the US economy for 2007 and 2008.