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Yellen's Former Aide Says a Rate Hike Would Be a Serious Error

There's labor supply out there that isn't measured by the jobless rate
Bloomberg business news

What Happens If the Fed Makes a Policy Mistake?


The U.S. is probably about two years away from achieving full employment, no matter what the jobless rate suggests and Federal Reserve officials think.

That's the view of  Andrew Levin, who served as a special adviser to former Fed Chairman Ben S. Bernanke and then-Vice Chair Janet Yellen from 2010 to 2012. "We're not even close to full employment,'' he said in an interview.