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Record Low Interest Rates Must Stay for Now: Yellen
Reuters | March 23, 2010 | 03:59 PM EDT
A Federal Reserve official says record-low interest rates are still needed to energize the economic recovery.
Janet Yellen, head of the Federal Reserve Bank of San Francisco and President Barack Obama's top pick to be vice chair of the central bank, says the sluggish recovery she anticipates means unemployment will stay high for years.
The jobless rateânow at 9.7 percentâwill dip only to 9.25 percent by the end of this year and then to 8 percent by the end of 2011, she predicts.
Despite encouraging signs late last year, the housing market now "seems to have stalled," she says.
Yellen says the Fed was right last week to keep a pledge to hold rates at record lows for an "extended period." The decision drew one dissent.
Reuters | March 23, 2010 | 03:59 PM EDT
A Federal Reserve official says record-low interest rates are still needed to energize the economic recovery.
Janet Yellen, head of the Federal Reserve Bank of San Francisco and President Barack Obama's top pick to be vice chair of the central bank, says the sluggish recovery she anticipates means unemployment will stay high for years.
The jobless rateânow at 9.7 percentâwill dip only to 9.25 percent by the end of this year and then to 8 percent by the end of 2011, she predicts.
Despite encouraging signs late last year, the housing market now "seems to have stalled," she says.
Yellen says the Fed was right last week to keep a pledge to hold rates at record lows for an "extended period." The decision drew one dissent.
Will there ever be a time when abbey cohen mentions the word sell?
Lets say 1300 touches down by October, will she come out and say 1350 by years end
If 1350 comes by years end will she yell out 1450 by end of 2011, if 1450 comes by mid 2011 will she scream 1550 by end of 2011, where do the continuous upward predictions end? She was predicting a higher market well before the the credit crisis came down on the economy. I'm sure she actually never thought at all that the DOW would have traded below 10,000 back in 2009.
Lets say 1300 touches down by October, will she come out and say 1350 by years end
If 1350 comes by years end will she yell out 1450 by end of 2011, if 1450 comes by mid 2011 will she scream 1550 by end of 2011, where do the continuous upward predictions end? She was predicting a higher market well before the the credit crisis came down on the economy. I'm sure she actually never thought at all that the DOW would have traded below 10,000 back in 2009.