NEW YORK (Reuters) - The Federal Reserve is “reasonably close” to its goals and should keep gradually raising U.S. interest rates to avoid the dual pitfalls of letting inflation drift below target for too long, and of driving unemployment down too far, Fed Chair Janet Yellen said on Tuesday. FILE PHOTO: Federal Reserve Chairman Janet Yellen speaks during a news conference after a two-day Federal Open Markets Committee (FOMC) policy meeting, in Washington, U.S., September 20, 2017. REUTERS/Joshua Roberts/File PhotoA day after announcing her retirement from the central bank, planned for early February, Yellen said the Fed aims to avoid the “boom and bust” economy of the past. She added she does not believe that expectations for inflation - which has remained below a 2-percent target for five years - have drifted down “too much.”
This story has not been edited by Firstpost staff and is generated by auto-feed.
Published Date: Nov 22, 2017 06:00 AM | Updated Date: Nov 22, 2017 06:00 AM