Federal Reserve Chairwoman Janet Yellen expressed confidence that the U.S. economy is likely to register continued modest growth, falling unemployment and a small pickup in inflation toward the central bank’s 2% target, a sign she is ready to raise short-term interest rates later this month barring a surprise in markets or the economy.
Wall Street Journal staffers Jon Hilsenrath and David Harrison offer analysis on a historical moment in the economic timeline, tracing back seven years to the depths and debts caused by the Great Recession of last decade. Hilsenrath and Harrison write:
“I don’t need unanimity. I think we have to tolerate some dissent,” Ms. Yellen said Wednesday, in answer to a question after delivering a speech on the economic outlook. “I wouldn’t try to stifle dissents, and I would even expect some at critical junctures.”In addition to some regional Fed bank presidents, two Washington-based Fed governors have expressed hesitance about raising rates, though the consensus appears to be moving against them.