Signaling she’s in no hurry to raise rates, Federal Reserve Chair Janet Yellen said the central bank is unlikely to move before the end of April and that borrowing costs will remain low for a “long time” after liftoff.
Yellen spoke after the Federal Open Market Committee announced it will be “patient” on the timing of the first rate increase since 2006, replacing a pledge to hold rates near zero for a “considerable time.”
“The statement that the committee can be patient should be interpreted that it is unlikely to begin the normalization process for at least the next couple of meetings,” which take place in January and March, Yellen said.
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