Federal Reserve Chairwoman Janet Yellen on Friday said the central bank is on track to raise short-term interest rates this year, but will likely proceed slowly and cautiously because the job market hasn’t fully healed, inflation is low and growth has again disappointed.

The comments, made just a few weeks before the Fed’s next policy meeting June 16-17, were the latest indication from the central bank it is highly unlikely to start raising rates at that gathering but could do so later in the year if the economy picks up.

“I think it will be appropriate at some point this year to take the initial step to raise the federal-funds rate target and begin the process of normalizing monetary policy,” Ms. Yellen said in the prepared text of comments to the Greater Providence Chamber of Commerce in Providence, R.I.

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