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- Fed Chair Janet Yellen: the growth of the U.S. economy will pick up in the second quarter
Fed Chair Janet Yellen: the growth of the U.S. economy will pick up in the second quarter
Fed Chair
Janet Yellen reported to Congress’ Joint Economic Committee:
- The U.S.
economy will pick up in the second quarter;
- The weak
growth in the first quarter caused by the cold winter in the USA;
- Too many
Americans remain unemployed;
- The
inflation rate of 1% is too low. The Fed’s target is a 2% inflation rate. Fed
is monitoring “inflation developments closely”;
- The Fed
will keep interest rates at their historically low levels after the central
bank closes out its bond purchasing program;
- The
growth of the U.S. economy should be better in 2014 than a year ago. The
economy grew 2.6% in 2013;
- Unemployment
should continue to “gradually” decline;
- “Heightened geopolitical tensions” could threat
the forecasts.
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