WKYT | Lexington, Kentucky | News

Stocks lower on Bernanke plans for ending support measures

NEW YORK (AP) - Stocks are lower as Federal Reserve Chairman Ben Bernanke details plans for dismantling the central bank's economic support measures.

Bernanke says in prepared remarks to a House committee Wednesday that the Fed likely will begin tightening credit by raising the interest rate it pays to banks on the money they have deposited at the Fed.

That would lead to an increase in borrowing rates for consumers and businesses. The Fed chief cautioned that the central bank is not yet ready to boost interest rates.

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