[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2010/images/08/02/art.bernanke.0720w.gi.jpg caption ="Federal Reserve chairman Ben Bernanke said Friday that the Fed has tools to get the economy on track."]New York (CNNMoney.com) - Federal Reserve chairman Ben Bernanke bluntly acknowledged that the U.S. economic recovery has lost considerable steam, but said the central bank has the necessary policy tools to support continued growth.
"The issue at this stage is not whether we have the tools to help support economic activity and guard against inflation," Bernanke said at the Fed annual symposium in Jackson Hole, Wyo. "We do."
Making his first public comments since the central bank announced it would buy additional long-term Treasurys to boost the recovery, Bernanke said that the pace of economic growth is "less vigorous" than expected, but the preconditions for a pickup in 2011 remain in place.