New Lies for Old

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Federal Reserve Chairman Ben Bernanke told Congress Tuesday that a prolonged rise in oil prices would hurt the U.S. economy. But he said runaway inflation is unlikely. “The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer price inflation,” Bernanke said.

11:10 am on March 1, 2011