Signaling she's in no hurry to raise rates, Federal ReserveChair Janet Yellen said the central bank is unlikely to move beforethe end of April and that borrowing costs will remain low for a“long time” after liftoff.
Yellen spoke after the Federal Open Market Committee (FOMC)announced it will be “patient” on the timing of the first rateincrease since 2006, replacing a pledge to hold rates near zero fora “considerable time.”
“The statement that the committee can be patient should beinterpreted that it is unlikely to begin the normalization processfor at least the next couple of meetings,” which take place inJanuary and March, Yellen said.
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