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"[H]ouseholds continue to face significant headwinds, including falling house prices, a softer job market, tighter credit, and higher energy prices, and consumer sentiment has declined sharply since the fall," said Bernanke, addressing the International Monetary Conference in Barcelona via satellite.

At the same time, Bernanke said that some of the more troubled aspects of the economy are starting to show signs of stability. He said the battered financial markets had "improved of late but conditions remained strained." He also said the pressures on the U.S. economy are being softened somewhat by foreign demand for U.S. goods and services.

"We may see somewhat better economic conditions during the second half of 2008, reflecting the effects of monetary and fiscal stimulus," he said.

economics recession monetary policy