Bernanke: Economy on the Cusp of Recovery

But "difficult challenges still lie ahead," the fed chair said

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    Bernanke cautioned that the economy is not back to normal and more steps will have to be taken toward long-term stability in the financial system.

    Fed Chairman Ben Bernanke said today that the U.S. economy is on the verge of recovery after having endured the worst financial crisis since the Great Depression.

    "After contracting sharply over the past year, economic activity appears to be leveling out, both in the United States and abroad, and the prospects for growth in the near term appear good," Bernanke said during a speech in Jackson Hole, Wyo.

    Though much progress in stabilizing the markets worldwide has been made, Bernanke cautioned that the economy is not back to normal and more steps will have to be taken toward long-term stability in the financial system.

    "Although we have avoided the worst, difficult challenges still lie ahead," he said.

    Get more: MSNBC, Washington Post