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Federal Reserve’s Yellen giving Congress good news

Federal Reserve’s Yellen giving Congress good news

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Fed Chair Janet Yellen Speaks At The International Monetary Fund

Janet Yellen, chair of the U.S. Federal Reserve, speaks during an event at the International Monetary Fund in Washington, D.C., on July 2.

WASHINGTON (AP) — Federal Reserve Chair Janet Yellen said Tuesday that the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions.

In delivering an economic report to Congress, Yellen said the Fed's future actions will depend on how the economy performs.
 
She said if labor market conditions continue to improve more quickly than anticipated, the Fed could raise its key short-term interest rate sooner than currently projected.
 
But she said weaker conditions will mean a longer period of low rates.
 
Many economists believe the federal funds rate, which has been at a record low near zero since December 2008, will not be increased until next summer. Yellen said current monthly bond purchases will likely end in October.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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