US Fed chair says gradual rate hikes, balance-sheet reduction to continue
17 July, 2017, 16:51 | Author: Alberta Rodriguez
The Federal Reserve is planning a series of gradual interest rate hikes in coming years to maintain economic expansion and achieve its inflation target, Chair Janet Yellensaid Wednesday.
In a prepared testimony to Congress, Yellen contended the economy is healthy enough to absorb further rate hikes at a gradual pace, along with a slow wind down of the Fed's $4.5 trillion bond hoard accumulated following the financial down turn. Central banks around the world have been hinting that the accommodative policies in place for years may no longer be needed amid signs that the global economy is gaining traction.
While investors and some Fed officials are anxious about the recent dip in inflation and are looking for greater progress toward the central bank's 2% target, Yellen argued that some temporary factors are holding back inflation but the Fed is still on pace to hit its target goal.
Yellen testifies before the Senate Banking Committee later in the day.
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