The Fed chief, in prepared testimony to the Senate Banking Committee ,announced low interest rates are still needed to bolster the economy. He repeated a pledge to keep them there for an “extended period.”

Bernanke downplayed the odds that the economy will slide back into a “double-dip” recession. But he acknowledged the economy is fragile.

In just minutes after Bernanke took the stage,  Ten Year Bonds took a nose dive along with US Stocks. I expect we will see a price improvement today on mortgage rates.