Janet Yellen says interest rate hike 'will be appropriate' later this year
by Rupert Neate in New York from on (#9JHH)
Federal Reserve chair issues caution to US markets that the increase is 'likely to be gradual' over lingering concerns about 'slack' in the jobs market
Federal Reserve chairwoman Janet Yellen has said she expects interest rates to rise this year, in what would be the first rate hike from near zero since the 2008 economic crisis.
Yellen said that if the US economy continues to strengthen, "it will be appropriate at some point this year to take the initial step to raise the federal funds rate".
Related: Federal Reserve says June too early to begin raising interest rates
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