Yellen: Job Market Makes Fed Hesitant On Rate Hike
Federal Reserve Chair Janet Yellen said Friday that the Great Recession complicated the Fed’s ability to assess the U.S. job market and made it harder to determine when to adjust interest rates. Yellen’s remarks to an annual Fed conference offered no signal that she’s altered her view that the economy still needs Fed support from ultra-low interest rates. The timing of a Fed rate increase remains unclear, though many economists foresee an increase by mid-2015. The Fed chair noted that while the unemployment rate has steadily declined, other gauges of the job market have been harder to evaluate and may reflect continued weakness.
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