Yellen upbeat but concerned by weak jobs data
Fed chair expects continued progress to objectives but says labour market report was “concerning”
Janet Yellen reaffirmed a gradual increase in the federal funds rate was "likely to be appropriate" on June 6, despite a "concerning" jobs report last week.
The Federal Open Market Committee (FOMC) meets on June 14–15, but there is little expectation of a hike. Nonfarm payrolls increased by just 38,000 in May, capping a period of patchy data signals.
Fed chair Yellen said she was disappointed by the jobs report, released on June 3, but stressed "one should never attach too much significance to
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