Yellen: Anticipates Raising Fed Funds Rate this Year

From Fed Chair Janet Yellen: Inflation Dynamics and Monetary Policy Assuming that my reading of the data is correct and long-run inflation expectations are in fact anchored near their pre-recession levels, what implications does the preceding description of inflation dynamics have for the inflation outlook and for monetary policy? This framework suggests, first, that much of the recent shortfall of inflation from our 2 percent objective is attributable to special factors whose effects are likely to prove transitory . As the solid black line in figure 8 indicates, PCE inflation has run......(read more)

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