Federal Reserve Chair Janet Yellen told Congress that the agency is committed to continuing gradual interest rate increases to avoid contributing to “boom-bust” economic conditions. In her final congressional hearing as Fed chair, Yellen’s remarks were in line with market expectations for a December increase in the federal funds rate.
Yellen’s testimony coincided with the release of the Fed’s latest Beige Book, which indicated stronger inflationary pressures. The report of regional economic indicators said that price and wage pressures have strengthened.
Read Yellen’s Speech
Read the Beige Book