News Today - July 21

* The Federal Reserve will need to rein in accommodative measures to prevent inflation as a recovery takes hold, though the pace and timing will depend on the strength of the economy, central bank Chairman Ben Bernanke said in a Wall Street Journal article.

* Nouriel Roubini, the economist whose dire forecasts earned him the nickname "Doctor Doom", told CNBC Monday that the economic recovery is going to be "very ugly."The recovery is going to be subpar," Roubini said. "I see a one percent growth in the economy in the next few years. There will also be 11 percent unemployment next year and the recovery is going to be slow. It's going to feel like a recession even when it ends.

* CIT confirms that a $3 billion emergency credit line has saved it from the brink of bankruptcy, adding that a tender on its debt due next month may involve an 82.5-cents-on-the-dollar haircut for creditors.

* Oil rose a dollar to above $64 a barrel on Monday, reaching its highest level in almost two weeks, as equities firmed and the dollar fell on expectations of a global economic recovery



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