Fed chair to Congress: Interest rates unlikely to rise until strong recovery seen
Thursday, May 08, 2014 - 01:08
May 8 - U.S. Federal Reserve Board chairwoman Janet Yellen tells the U.S. Senate Budget Committee that until the U.S. experiences a strong economic recovery interest rates will remain low. Rough Cut (no reporter narration).
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ROUGH CUT - NO REPORTER NARRATION
STORY: The Federal Reserve likely will not be increasing interest rates anytime soon, Chair Janet Yellen said Thursday (May 8).
"Interest rates are unlikely to begin rising until we are in a strong economic recovery," Yellen told the Senate Budget Committee. "So we eventually will start to raise interest rates. I'm assuming the economy will continue to recover and at some point that will become appropriate."
She also warned of the possibility of "adverse developments abroad," such as heightened geopolitical tensions or an intensification of financial stress in emerging markets, and said that was a risk the U.S. central bank needed to watch closely.
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