Yellen: Fed will continue economic intervention

Fed will keep interest rates near zero for "considerable period"
Yellen: Fed will continue economic intervention

by Martin Crutsinger | Associated Press | July 15, 2014


Despite recent sizable job gains, Federal Reserve Chair Janet Yellen is signaling that her agency is in no rush to withdraw the massive support it is providing the U.S. economy.

Extra caution is warranted, she said Tuesday, given a number of “false dawns” in this recovery when a hoped-for acceleration in growth has failed to materialize.

“Although the economy continues to improve, the recovery is not yet complete,” she told the Senate Banking Committee, delivering the Fed’s semi-annual economic report to Congress.

Analysts said that Yellen’s remarks indicated that the central bank plans to keep its benchmark short-term interest rate near a record low of zero, where it has been since December 2008, for some time to come.

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