Dollar pressure resumes; euro, Swiss franc hit fresh record highs - by William L. Watts & Lisa Twaronite
The dollar fell to a lifetime low of 1.0482 Swiss francs. The 15-nation European currency rose as high as $1.5228, its loftiest level since it began trading in January 1999, as Bernanke spoke on Capitol Hill for the second day of his report on monetary policy. While Bernanke downplayed concerns that the U.S. economy might be in the grip of stagflation -- a combination of low growth and inflation -- the Fed chief said there would likely be some bank failures, though not large firms. "We are facing a situation where we have simultaneously a slowdown in the economy, stress in financial markets, and inflation pressures coming from these commodity prices abroad," Bernanke said.
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