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Federal Reserve Chair Janet Yellen said Monday the job market remains weak and in need of the central bank's very low interest rates for "some time," easing recent worries that rates could rise sooner than expected.
Investors cheered. The Dow Jones Industrial average closed up 134.60 points at 16,457.66.
"The recovery still feels like a recession to many Americans," Yellen said in her first policy speech as Fed chair at the National Interagency Community Reinvestment Conference in Chicago.
Citing the Fed's near zero short-term interest rates since the 2008 financial crisis and bond purchases aimed at holding down long-term rates, Yellen said, "I think this extraordinary commitment is still needed and will be for some time
http://www.usatoday.com/story/money/business/2014/03/31/yellen-gives-first-speech/7129791/
Investors cheered. The Dow Jones Industrial average closed up 134.60 points at 16,457.66.
"The recovery still feels like a recession to many Americans," Yellen said in her first policy speech as Fed chair at the National Interagency Community Reinvestment Conference in Chicago.
Citing the Fed's near zero short-term interest rates since the 2008 financial crisis and bond purchases aimed at holding down long-term rates, Yellen said, "I think this extraordinary commitment is still needed and will be for some time
http://www.usatoday.com/story/money/business/2014/03/31/yellen-gives-first-speech/7129791/