WASHINGTON — Even with the economy in a slowdown mode, the chairman of the Federal Reserve, Ben Bernanke, made clear yesterday that policy-makers want to see inflation continue to recede, suggesting the Fed probably won’t be cutting interest rates any time soon.

In his most extensive comments on the economy since summer, Mr. Bernanke struck a largely positive tone that the economy should be able to weather the strains coming from the housing slump and the struggling auto industry.

The slowdown “appears to be taking place roughly along the lines envisioned,” Mr. Bernanke observed in remarks to the National Italian American Foundation in New York.

Outside housing and autos, economic activity remains solid, he said. “Overall, the economy is likely to expand at a moderate pace going forward,” Mr. Bernanke said.

The Fed chief also expressed hope that more moderate economic growth would continue gradually to ease inflation pressures over the next year or so.

Yet risks from inflation or a worsethan-expected housing slump could throw a wrench in the outlook, Mr. Bernanke said.

The slump in the once sizzling housing market could turn out to be deeper than expected, putting an even greater drag on overall economic activity. Or, Mr. Bernanke said, economic growth could rebound more strongly than expected, which could lead to a flare-up in inflation.

“A failure of inflation to moderate as expected would be especially troublesome,” he said.

Overall inflation has showed signs of improving in recent months as once surging energy prices have calmed down. However, “core” prices — which exclude energy and food and are closely watched by the Fed — still remain “uncomfortably high,” Mr. Bernanke said. Looking ahead, Mr. Bernanke said he expects those core prices to moderate gradually over the next year or so.