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Senators took aim Thursday at Federal Reserve Chairman Ben Bernanke, linking him to rising unemployment, regulatory lapses that led to the financial crisis and the corporate bailouts that followed. And some warned that the Fed's record-low interest rates could feed a new speculative bubble. Bernanke remained stoic during the roughly five-hour hearing by the Senate Banking Committee, which is weighing his nomination to a second four-year term. He acknowledged some mistakes but defended his record, saying that without the Fed's bold action, the crisis would have been "markedly worse." And by day's end, despite the verbal swipes and a move by one senator to block Bernanke's nomination, his confirmation didn't appear in doubt. Some senators credited Bernanke with helping keep the Great Recession from becoming a second Great Depression. Sen. Christopher Dodd, D-Conn., chairman of the panel, predicted Bernanke would win confirmation.

FedEx Corp. said Thursday it will raise shipping rates for its Ground and Home Delivery units by an average of 4.9 percent in 2010 -- 1 percentage point less than this year's rate hike. FedEx announced in September it will increase shipping rates for Express packages shipped within or from the United States by an average of 5.9 percent in 2010, also 1 percentage point lower than FedEx's rate increase this year. That rate is partially offset by a lower fuel surcharge. The company, based in Memphis, Tenn., said Thursday that SmartPost rates also will change, but didn't specify how. SmartPost is FedEx's partnership with the U.S. Postal Service. All of the rate increases will go into effect Jan. 4. FedEx's larger rival, UPS Inc., also is hiking 2010 ground rates by an average of 4.9 percent. The base rate increase for air express and international shipments is 6.9 percent, also offset by a lower fuel surcharge. Both package delivery companies' rate increases are standard and usually announced in the fall.

The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs. The rate, published Thursday by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week. The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market. Despite the government support, qualifying for a loan is still tough. Lenders have tightened their standards dramatically, so the best rates are available to those with solid credit and a 20 percent down payment. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders across the country.

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