July 16. Providing stability on financial markets is a priority for the US Federal Reserve, since the weakening housing market, tighter credit conditions and surging oil prices pose a threat to the national economy, Federal Reserve Chairman Ben Bernanke said speaking before the Committee on Banking of the US Senate Tuesday. "At present, accurately assessing and appropriately balancing the risks to the outlook for growth and inflation is a significant challenge for monetary policy makers" – Bernanke said in the report. "The possibility of higher energy prices, tighter credit conditions, and a still-deeper contraction in housing markets all represent significant downside risks to the outlook for growth. At the same time, upside risks to the inflation outlook have intensified lately". Many financial markets and institutions remain "under considerable stress, in part because the outlook for the economy, and thus for credit quality, remains uncertain", Bernanke said.