Yellen Seeks Right Blend of Inflation Data to Raise Rates
Fed Chair Needs Mosaic of Price Data Telling Her It's Liftoff Time
This article is for subscribers only.
Chair Janet Yellen and her Federal Reserve colleagues are just about finished making promises about short-term interest rates. They want investors to focus instead on indicators related to their mandate to keep inflation stable and employment high. This is how Yellen put it in her written testimony before the House and Senate this week:
In an exchange with Senator Charles Schumer, the New York Democrat, Yellen said she didn't want to set down "any single criterion" on what it means to be "reasonably confident" that inflation is going to rise back up toward the Fed's 2 percent target. Yellen testified before the Senate Banking Committee Tuesday.