Strong growth and lower unemployment allows Fed to normalise policy, Yellen says
Outgoing chairwoman adds policy is not preset and will depend on economic data
Stronger economic growth and lower unemployment is allowing the Fed to normalise monetary policy, US Federal Reserve chair Janet Yellen said in her testimony before Congress on November 29.
Year-on-year GDP growth has reached 3% in the first two quarters of 2017. The economic outlook has strengthened in 2017, which has contributed to reducing the unemployment rate to 4.1% in October.
“However, despite these labour market gains, wage growth has remained relatively modest,” Yellen said. She also
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