Federal Reserve Board Chairperson Janet Yellen sees a number of encouraging signs that the economy is reviving after a brutal winter and says if the improvements stay on track, the Fed will likely start raising interest rates later this year. Delivering the Fed's mid-year economic outlook to Congress, Yellen said on 15th July the importance of the first rate hike should not be over-emphasised because interest rates are likely to remain at very low levels "for quite some time after the first increase." The Fed's benchmark rate has been at a record low near zero since December 2008, meaning that borrowing rates for consumers and businesses have been at historic lows.
展开▼
