Yellen Voiced Confidence in U.S. Recovery at Closed-Door Meet -Bloomberg
Bareksa • 16 Oct 2014
U.S. Federal Reserve Chair Janet Yellen takes her seat to testify before the House of Representatives Financial Services Committee on Capitol Hill in Washington. (REUTERS/Kevin Lamarque)
Officials at the central bank said they expected the economy to expand from 2.6 percent to 3.0 percent next year
Bareksa.com - Federal Reserve Chair Janet Yellen told a closed-door meeting over the weekend that the U.S. economy was poised to grow about 3 percent going forward, with inflation set to rise toward the U.S. central bank's target, Bloomberg News reported on Wednesday.
Citing two people familiar with Yellen's comments, Bloomberg News said Yellen made the comments to the Group of 30. The G30 is a non-profit group comprised of senior representatives of the private and public sector chaired by former European Central Bank chief Jean-Claude Trichet.
Fed spokeswoman Michelle Smith declined to comment on the Bloomberg report.
Signs of stuttering growth in Germany, weakness in Japan and a slowdown in China have set global financial markets on edge, with investors dumping risky assets. A drop in U.S. retail sales reported on Wednesday added to the jitters.
However, a number of Fed officials, including the central bank's No. 2, Stanley Fischer, have said in recent days they believe the U.S. recovery is on track, and they have reiterated forecasts for a mid-2015 increase in interest rates.
The reported Yellen comments are in keeping with forecasts Fed officials released after their last policy-setting meeting in mid-September. Officials at the central bank said they expected the economy to expand from 2.6 percent to 3.0 percent next year with inflation firming a bit. (Source : Reuters)