As a result, the stock market, which had been well into its third consecutive strong rally, pared gains as traders weighed where the Fed stands on the economy's late-spring slowdown.

"Boy, that was anti-climactic," Pierpoint economist Stephan Stanley said. "There was absolutely nothing in terms of a policy signal...no different than what he might have said at any point over the last few years."

Bernanke told a congressional panel that the central bank is "prepared to take action" if needed to boost the U.S. economy, but made no specific commitment to more easing.

Instead, the Fed leader said the economy continues to grow at a moderate pace but faces challenges from the jobs market as well as the debt crisisin Europe.

Overall, the remarks offered little change from the statements he has made over recent months that more quantitative easing is possible but not certain and will depend on how growth occurs.

"The situation in Europe poses significant risks to the U.S. financial system and economy and must be monitored closely," Bernanke said. "As always, the Federal Reserve remains prepared to take action as needed to protect the U.S. financial system and economy in the event that financial stresses escalate."

There was some speculation, though, that Bernanke was being coy.