Federal Reserve Chair Janet Yellen delivered her semi-annual address in front of the Senate Banking Committee on Tuesday, reiterating the central bank’s vague stance on when investors should expect a rise in short-term interest rates: ‘The FOMC’s assessment that it can be patient in beginning to normalize policy means that the Committee considers it unlikely that economic conditions will warrant an increase in the target range for the federal funds rate for at least the next couple of FOMC meetings,’ Yellen said. For more analysis, TheStreet’s Scott Gamm speaks with Ward McCarthy, chief financial economist at Jefferies.
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