US recovery 'not yet complete': Yellen

By Dow Jones Newswires with a staff reporter

Federal Reserve Chairwoman Janet Yellen has signalled continued low interest rates in her semiannual report to Congress, noting that the US economic recovery is "not yet complete" and too many Americans remain unemployed. "A high degree of monetary policy accommodation remains appropriate," Ms Yellen said in a statement prepared for her testimony to the Senate Banking Committee, the first of two days of congressional hearings on the economy and monetary policy. "If the labour market continues to improve more quickly than anticipated by the committee, resulting in faster convergence toward our dual objectives, then increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned," Ms Yellen added. "(But) we need to be careful to make sure the economy is on a solid trajectory before we consider raising interest rates.

Read more here: Business Spectator


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