Federal Reserve Chairman Ben Bernanke testified before the House Budget Committee Wednesday calling for fiscal balance and voiced the need to limit debt issuance, presenting a less than rosy picture, including a projected $1.8 Trillion federal budget deficit and rising Treasury interest rates over concerns about the deficit.  He said the Fed has limits and will not monetize the debt.  Stocks did not respond well.

MARKET ACTIONS TODAY

Here is how US stocks, non-US developed market stocks and emerging market stocks acted today:

Here is how US bonds, non-US developed market bonds and emerging market bonds acted today:

Here is how different types of US bonds acted today:

SELECTED BERNANKE TESTIMONY

On Fiscal Management: “Maintaining the confidence of the financial markets requires that we, as a nation, begin planning