Yellen sees rate hike ‘relatively soon’

From Bloomberg:

Federal Reserve Chair Janet Yellen said the U.S. central bank is close to lifting interest rates as the economy continues to strengthen, and signaled her intention to remain at the helm until her term ends in January 2018.

A rate hike “could well become appropriate relatively soon if incoming data provide some further evidence of continued progress toward the committee’s objectives,” Yellen said in the text of testimony she delivered Thursday in Washington before Congress’s Joint Economic Committee.

Yellen reiterated the expectation of Fed officials that future rate increases will be “gradual.” Bond prices have fallen and stocks have risen as investors anticipate that President-elect Donald Trump’s proposals to cut taxes and boost infrastructure and defense spending will lead to faster inflation and stronger growth.

Yellen’s remarks will serve to cement expectations, barring a significant negative shock, for an increase in interest rates when the Federal Open Market

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