Fed Chair Janet Yellen will testify on Capitol Hill this Thursday. Prepared testimony shows she will continue to stay mum on a rate hike in December.
Federal Reserve Chair Janet Yellen testifies before Congress’ Joint Economic Committee on Thursday. A preview of her testimony suggests she’ll hint at a rate hike in December but offer no affirmations.
According to The Wall Street Journal, Yellen will say:
“Were the FOMC [Federal Open Market Committee] to delay increases in the federal-funds rate for too long, it could end up having to tighten policy relatively abruptly to keep the economy from significantly overshooting both of the Committee’s longer-run policy goals.”
WSJ notes Yellen is not expected to talk about the results of last week’s elections.
President-elect Donald Trump criticized Yellen on the campaign trail. He often suggested Yellen has kept interest rates low for “political” reasons.
Yellen will also report that U.S economic growth is picking up. She’ll say that a near-term increase in interest rates is “appropriate.” The current “target range” for interest rates is 0.25 percent to 0.5 percent.
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