“Bernanke said yesterday at a Washington event that while the Fed will raise interest rates from a record low before the economy returns to “full employment,” officials don’t know when the process will start. The banking system isn’t fully healthy and lenders are “cautious” in providing credit, Bernanke said.

Given the depth of the recession, the recovery is “moderate paced,” according to Bernanke. In Europe, policy makers “are committed to avoiding default in Greece” and elsewhere, he said.” Read more.