The stakes for US financial regulators have risen since The Federal Reserve Bank of New York released documents last Friday showing it learned of manipulation by the banks nearly five years ago. And some US local authorities are now considering suing banks accused of manipulating interest rates.
The Fed chairman begins the first leg of a two-day testimony to U.S. lawmakers later on Tuesday and is expected to be pressed on whether the central bank is close to launching a third round of large-scale asset purchases (QE3), and what kind of other tools it might consider using.
The Fed's decision last month to buy an additional $267 billion in long-term bonds with proceeds from short-term debt, a measure known as Operation Twist, has already put the U.S. central bank on a policy easing footing.
But since then central banks in Europe, the UK, China and Brazil have announced looser monetary policies while a string of weak domestic U.S. economic data has raised hopes of new steps.
Data due out later on U.S. inflation and industrial output could add to pressure on the Fed to act.
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