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• THE chairman of America’s Federal Reserve, Ben Bernanke, delivers his semi-annual monetary-policy testimony to the House Financial Services Committee in Washington, DC, on Tuesday July 21st. Mr Bernanke may shed more light on how far he believes that America is bouncing back from the financial crisis and economic downturn. Mr Obama recently spoke of signs that the “economic storm” is waning and Timothy Geithner, his treasury secretary, has talked about “very encouraging” indications that confidence is returning to the financial system. The administration has decided not to bail out CIT, a struggling commercial lender, reinforcing its own confidence that the financial system can withstand a bankruptcy filing that could come soon.

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