Federal Reserve Chair Janet Yellen said on Wednesday that the US economy is improving but noted that the job market remains “far from satisfactory” and inflation is still below the Fed’s target rate.
Speaking to Congress’ Joint Economic Committee, Yellen said that as a result, she expects low borrowing rates will continue to be needed for a “considerable time.”
Yellen’s comments echo earlier signals that the Fed has no intention of acting soon to raise its key target for short-term interest rates even though the job market has strengthened and economic growth is poised to rebound this year. The Fed has kept short-term rates at a record low near zero since December 2008.
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