Yellen Sees No Interest-Rate Liftoff for Next Couple of Meetings

Federal Reserve Chair Janet Yellen said she doesn’t foresee the first increase in interest rates for “at least the next couple of meetings.”

Yellen spoke after the Federal Open Market Committee’s announcement that it will be “patient” on the timing of the first interest-rate increase since 2006, replacing a pledge to keep borrowing costs near zero for a “considerable time.”

At a press conference following the FOMC’s two-day meeting, Yellen said the shift in guidance means “the committee considers it unlikely to begin the normalization process for at least the next couple of meetings.”

She said “there are a range of views on the committee” and “the timing of the initial rise in the fed funds target as well as the path for the target thereafter are contingent on economic conditions.”

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