Yellen Maintains Outlook for First Rate Increase in 2015
(Bloomberg) -- Federal Reserve Chair Janet Yellen says she still expects to raise interest rates this year and repeated that the subsequent pace of increases will be gradual. Yellen's remarks were made in a speech in Cleveland, her first public remarks since the June meeting of the Federal Open Market Committee. (Excerpt. Source: Bloomberg)
Federal Reserve Chair Janet Yellen, speaking after weeks of financial-market turmoil over China and Greece, maintained her call for an interest-rate increase this year as the U.S. economy improves.
“I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy,” Yellen said in her first public remarks since the June meeting of the Federal Open Market Committee.