07/16/2015

Yellen to Congress: Fed on Track for Rate Increase

Federal Reserve Chair Janet Yellen told Congress she expects the Fed to raise the federal funds rate target this year if the economy evolves as expected. Testifying before the House Financial Services Committee, Yellen downplayed the importance of the initial step of raising rates, emphasizing instead the “entire expected path of interest rates.” Yellen also resisted congressional pressure for enhanced oversight of the agency and its monetary policy discretion.