Federal Reserve interest rate hike sign of ‘confidence’ in US economy: Janet Yellenhttps://indianexpress.com/article/business/business-others/federal-reserve-interest-rate-hike-sign-of-confidence-in-us-economy-janet-yellen-4427451/

Federal Reserve interest rate hike sign of ‘confidence’ in US economy: Janet Yellen

Fed Chair Janet Yellen noted that any increased spending by the incoming Republican administration of President-elect Donald Trump could impact how the Fed adjusts interest rates going forward.

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US Federal Reserve Board chair Janet Yellen. (Source: Reuters)

The Federal Reserve’s decision on Wednesday to raise the benchmark interest rate is a vote of “confidence” in the health of the US economy, Fed Chair Janet Yellen said. The increase, which was widely anticipated by markets, “should certainly be understood as a reflection of the confidence we have in the progress that the economy has made and our judgment that progress will continue,” Yellen told a press conference.

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She also noted that any increased spending by the incoming Republican administration of President-elect Donald Trump could impact how the Fed adjusts interest rates going forward, but cautioned it was too soon to speculate.