Federal Reserve Chairman Ben Bernanke says the Fed will hold the line on short-term interest rates for now, but Bernanke also detailed the steps the Fed will eventually have to take to head off inflation, which are expected to raise the cost of borrowing.

In prepared testimony to lawmakers, Bernanke said the Fed intends to hold a key short-term interest rate, the federal funds overnight rate, at its current record low for an "extended period" (the Fed chairman was scheduled to testify before the House Financial Services today, but the hearing was cancelled due to weather).

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