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Fed’s Yellen Confirms December Rate Hike Plans, Risks In Delaying Too Long
In written testimony to the Congressional Joint Economic Committee, Federal Reserve Chair Yellen stated that the decision to wait for further evidence before raising interest rates did not reflect a lack of confidence in the economy. Instead, it reflected a judgement that there was somewhat more room for the labour market to improve on a sustainable basis than had been anticipated at the beginning of the year. According to Yellen, the committee must remain forward looking and delaying increases in the Federal Funds rate for too long could end up having to tighten policy relatively abruptly to keep the economy from ... (full story)
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