Bernanke sees more hikes coming

NEW YORK (CNNMoney.com) - New Federal Reserve Chairman Ben Bernanke told Congress Wednesday that he sees the need for more interest rate hikes in order to keep prices in check.

In his first appearance before Congress as head of the central bank, Bernanke said in prepared remarks that the economy is in danger of overheating and causing an unacceptable increase in prices.

"Gauging the economy's sustainable potential is difficult, and the Federal Reserve will keep a close eye on all the relevant evidence and be flexible in making those judgments," he told the House Financial Services committee in his prepared remarks.

"Nevertheless, the risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately -- in the absence of countervailing monetary policy action -- to further upward pressure on inflation.

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