A recap of the remarks from Federal Reserve Chair Janet Yellen; she spoke during the US afternoon on Wednesday
Greg had the headlines:
- Yellen Q&A from SF speech
- US dollar moves higher after Yellen comments
- Fed's Yellen: Next rate hike depends on economy 'over the coming months'
And, this quick response from The Mo
- El-Erian on Yellen - says her comments were more dovish than he expected
The key takeaway was that Yellen said the economy was close to Federal Reserve goals and it therefore makes sense to gradually raise interest rates.
Recaps here from the major wires:
- Reuters: Fed's Yellen says 'makes sense' to gradually raise interest rates
- Bloomberg: Yellen Says Economy Near Goals Warrants Gradual Rate Hikes
And the Wall Street Journal has a threebie (may be gated):
- Gold Prices Decline Following Yellen Comments
- Yellen Says Nonpartisan Fed Will Focus on the Economy
- Hawkish Yellen Lifts U.S. Dollar
- Speaking in San Francisco overnight, Yellen pointed strongly to the prospect of further interest rate increases this year saying the U.S. "economy is near maximum employment and inflation is moving toward our goal". Consequently, "waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road-either too much inflation, financial instability, or both," Ms. Yellen said.
