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WASHINGTON Deadrin Senat Falcons Jersey , July 15 (Xinhua) — U.S. Federal Reserve Chair Janet Yellen on Tuesday reiterated that the central bank would continue to implement the current easy monetary policy and should be cautious over raising interest rates, as the U.S economy recovery remains incomplete.
Delivering the twice-yearly monetary policy report to Congress, Yellen said that “although the economy continues to improve, the recovery is not yet complete.”
“Too many Americans remain unemployed, inflation remains below our longer-run objective,” Yellen told lawmakers before the Senate Banking Committee Isaiah Oliver Falcons Jersey , although the unemployment rate declined to 6.1 percent last month, the lowest level in almost six years.
Yellen said the labor force participation rate and other indicators suggest that “significant slack” remains in the labor market and “a high degree of monetary policy accommodation remains appropriate.”
U.S. ECONOMY GAINS MOMENTUM
Yellen played down the significance of the sharp contraction of economic activity in the first quarter, saying it was likely the result of “transitory factors” and a number of recent indicators of production and spending suggest that economic growth “rebounded” in the second quarter.
“That negative number substantially understates the momentum in the economy,” Yellen noted, referring to a decline of 2.9 percent of real gross domestic product (GDP) in the first quarter, the worst performance in five years.
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