This man is completely out of touch with reality.
NEW YORK (CNNMoney) -- In his twice yearly testimony to Congress Tuesday, Federal Reserve Chairman Ben Bernanke acknowledged surging oil and food prices, but said that inflation would likely remain tame.
"My sense is that the increases we've seen so far -- while tough for many people -- do not yet pose a significant risk to the overall recovery," Bernanke said.
Speaking before the Senate Banking Committee, Bernanke noted that rising commodity prices will likely be passed on to consumers, but this effect would be only "temporary and relatively modest."
But he acknowledged that if higher prices persist, inflation could become a serious risk. "Sustained rises in the prices of oil or other commodities would represent a threat both to economic growth and to overall price stability," he said.
