Federal Reserve Chair Janet Yellen Said at todays’ testament that the U.S. economy is performing well, and told Congress that a rate hike at its meeting next month is a "live possibility."
Her remarks largely echoed the Fed's statement after a meeting last week that said the central bank will act if the economy and labor market continue to improve. The Fed has not raised its benchmark rate in nearly a decade and it has been near zero since the 2008 financial crisis.
Yellen told the House Financial Services Committee that if the economy advances as the Fed expects over the next six weeks, a rate increase at its December 15-16 meeting "will be a live possibility."
She added, however, "No decision at all has been made on that."
Job growth has slowed recently and the economy grew just 1.5% at an annual rate in the third quarter. But that largely was a result of weak exports due to the strong dollar, while consumer spending, which means more than two thirds of the economy has increased at a healthy rate.
"At this point, I see the US economy as performing well," Yellen told the committee during her semiannual testimony on financial regulation. "Domestic spending has been growing at a solid pace."
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