Reuters - Federal Reserve Chairman Ben Bernanke told a House of Representatives panel on Wednesday that fighting inflation is a top priority and acknowledged that most Americans feel the economy is in recession-like conditions.

AFP - Ailing mortgage finance firms Fannie Mae and Freddie Mac are "in no danger of failing" but are having trouble raising capital due to falling share prices, Federal Reserve chairman Ben Bernanke said Wednesday.

AP - Worried about rising inflation, Federal Reserve officials at their meeting in June thought the Fed's next move on interest rates was likely to be up.

AP - Federal Reserve Chairman Ben Bernanke told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing."

Reuters - Inflation accelerated in June to its fastest rate since the aftermath of Hurricane Katrina in 2005 while workers' earnings slumped, compounding the stagflationary dilemma facing the Federal Reserve.

AP - Consumer prices shot up in June at the second fastest pace in 26 years with two-thirds of the surge blamed on soaring energy prices.

Reuters - Wall Street rose off earlier losses in volatile trade on Tuesday as a big drop in the price of oil relieved some concerns about the impact of higher fuel costs on consumer spending and corporate profits and as investors snapped up beaten-down shares such as banks.

Reuters - Weak U.S. retail sales and a rise in producer prices to their highest annual rate in 27 years provided further evidence of "stagflation" in the world's largest economy on Tuesday.

AP - The U.S. economic downturn gained steam Tuesday, with a report of the highest inflation since the early 1980s, more bad news for banks and automakers and a suggestion by the Federal Reserve chief that worse days are ahead.

AP - Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps.

AFP - With market turmoil intensifying on fears of a banking crisis, Federal Reserve chairman Ben Bernanke faced a new grilling Wednesday after warning of a bumpy road to economic recovery.

Reuters - Consumer spending may have slowed and U.S. retail sales are struggling, but the environment has not dampened J.C. Penney Co Inc's efforts to celebrate its latest brand launch in style.