January 17, 2008 / 4:30 PM / 10 years ago

Bernanke: Fed must maintain credibility on prices

WASHINGTON, Jan 17 (Reuters) - Federal Reserve Chairman Ben Bernanke said on Thursday inflation expectations are "reasonably well anchored," but the U.S. central bank was determined to uphold its credibility in maintaining price stability.

"Our anticipation is that both headline and core inflation will moderate over the next year or two to a level which we view as consistent with price stability," Bernanke told the U.S. House of Representatives Budget Committee.

But he said there was "no way" the Fed would ignore inflation amid rising oil prices. "We're going to have to make sure that inflation remains controlled and our credibility for keeping inflation in the medium term at levels consistent with price stability is not impaired," Bernanke said. (Reporting by David Lawder; Editing by James Dalgleish)

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