Yellen Says New Guidance Doesn’t Necessarily Mean June Rate Rise

Federal Reserve Chair Janet Yellen said dropping a pledge to be “patient” in raising interest rates doesn’t necessarily mean the central bank will tighten policy in June.

“Today’s modification of the forward guidance should not be read as indicating that the committee has decided on the timing of the initial increase in the target range for the federal funds rate,” Yellen said at a press conference following Wednesday’s Federal Open Market Committee meeting. “This change does not mean an increase will necessarily occur in June, although we cannot rule that out.”