Yellen Takes Gradual Policy Approach Message to Congress: Chart
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Federal Reserve Chair Janet Yellen, who delivers her semi-annual monetary policy report to Congress on Tuesday and Wednesday, will probably be as measured as the central bank’s policy itself. Her message will likely mirror the Federal Open Market Committee’s Feb. 1 statement: While job gains are “solid” and consistent with the Fed’s goal, inflation has climbed “but is still below the Committee’s 2 percent longer-run objective.” That means “only gradual increases” in the Fed’s benchmark rate this year are in order.