Federal Reserve Chair Ben Bernanke predicted Thursday that economic growth will slow noticeably in coming months. Bernanke testified before the Joint Economic Committee.

Ben Bernanke: “Incoming information on the performance of mortgage-related assets has intensified investors’ concerns about credit market developments and the implications of the downturn in the housing market for economic growth. In addition, further sharp increases in crude oil prices have put renewed upward pressure on inflation, and it may impose further restraint on economic activity.”

The price of a barrel of oil is now approaching a record $100. Meanwhile, the national debt has hit $9 trillion for the first time. The dollar has also hit a fresh record low against the euro and a new 26-year low against the pound.