Economics
Yellen Says Gradual Fed Rate Hikes Are Needed to Prevent Overheating
BofA's Meyer Says Fed Will Hold at Three Hikes in 2018
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Former Federal Reserve Chair Janet Yellen said higher interest rates will be needed to keep the U.S. economy from overheating, though the pace must be calibrated to allow inflation to rise to the central bank’s 2 percent goal.
“I think the Fed should and has been gradually raising rates to try to stabilize the labor market, to bring down the pace of job growth to a sustainable level to avoid the economy overheating,” Yellen said Monday in Philadelphia.