Bernanke's comment didn't rub me the wrong way (more on that later), but it certainly hit a nerve elsewhere.   I suspect the Treasury -- which wants China to appreciate as much as anyone -- was among those who were not thrilled by Bernanke's choice of words. 

Not because they disagree intellectually.  But because Bernanke's comment will be contrasted with the language in Treasury's foreign currency report. 

Still, I don't think anyone will be surprised to see that the Treasury declined to find that China meets the technical requirements for being charged with currency manipulation.   The language in the law about "intent" gives the Treasury a lot of wiggle room.