Bernanke doesn't have 'precise read' on slowdown (by Steve Goldstein)
WASHINGTON (MarketWatch) -- Federal Reserve Chairman Ben Bernanke, during his press conference, said the central bank didn't have a precise read on why the U.S. economy is slowing down but notes that it expects a pick-up by 2013. He also said a default by Greece could pose risks to the European and global financial system but he said U.S. banking exposure was "small." Money market funds, on the other hand, have "substantial" exposure to core European banks that could be impacted by the Greek situation. Bernanke also again lauded the idea of a formal inflation target, which he said could help anchor expectations, but he said nothing was imminent and pointed out that the central bank would need public, Congressional and White House "buy-in" before it proceeded.