Fed Chair Yellen Tells Congress To Expect More Interest Rate Hikes
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MIAMI (CBSMiami) – The head of the Federal Reserve had a positive message about the U.S. economy.
On Wednesday, Chair Janet Yellen spoke before Congress about the inflation rates since 2008.
Yellen told lawmakers that the central bank expects to keep gradually raising a key interest rate, as well as to start trimming its massive bond holdings this year.
In her semiannual testimony on the economy, Yellen took note of a number of encouraging factors.
Yellen had a broadly positive take on the economy, noting an average of 180,000 jobs were added every month, so far this year and a drop in the unemployment rate to what the Fed considers its "long-term normal level."
Yellen also noted an uptick in consumer spending. Business investment grew as well, and a globally improving economy bodes well for U.S. manufacturers and exporters, she said.
As for what's next, Yellen says she does not know if she will serve another term.