Bernanke: Bad luck contributed to recovery FEDERAL Reserve Chairman Ben Bernanke says the US economy's slow recovery from the Great Recession has been subpar for several reasons, including the extensive damage from the housing bust and tight budgets at all levels of government. But he also blamed the anaemic pace of the recovery on "some bad luck," saying Europe's debt troubles slowed the global economy at a critical time. "Given all the things we have faced, it is not shocking that the recovery has been tepid," he said during a news conference after the Fed's two-day policy meeting. He said the United States has still done better than many other countries. Bernanke made the comments after the Fed announced it would begin to reduce its bond purchases by $US10 billion ($A11.27 billion) in January, signalling a stronger economy. Meanwhile he says his expected successor, Janet Yellen, "fully supports" the Fed's decision. Bernanke said that he has made a practice of consulting with Yellen and that she was "consulted closely" before the Fed voted to reduce its bond purchases. Yellen's nomination as the next Fed chairman is expected to be confirmed soon by the Senate. Bernanke's term as chairman ends on Jan. 31. Responding to a question, Bernanke said that his impending departure played no role in the decision to vote on reducing the bond purchases at the December meeting.