"To date, our liquidity measures appear to have contributed to some improvements," Bernanke said via satellite at the Atlanta Fed Financial Markets Conference, in Sea Island, Ga.

Bernanke pointed out a series of steps the Fed took to restore liquidity, including raising limits at 28-day securities auctions and at the Fed's Term Auction Facility, the bank's discount window.

Bernanke also pointed to the bank's move to supply term funding, secured by $30 billion in illiquid assets, which allowed investment bank Bear Stearns (NYSE:BSC-E) to avoid bankruptcy in mid-March.

Bernanke pointed to dropping spreads between conforming fixed rates mortgage rates and Treasury rates as a "welcome sign" of improved financial liquidity.

"Corporate debt spreads have also declined somewhat from recent highs," Bernanke said.