Bernanke testified before the House Budget Committee, where Bernanke repeated the same statement he made a week ago, as Bernanke said that inflation is still expected to remain well below the Fed's target, while he believes that QE2 is indeed supporting jobs and economic growth.

Bernanke also highlighted the need to control the rising budget deficit, where Bernanke said that U.S. fiscal health deteriorated appreciably, while Bernanke signaled that conditions in the labor market are still challenging since employers are still reluctant to add new workers, however, Bernanke also signaled the ongoing improvement in labor market conditions after unemployment dropped to 9.0 percent in January.