Yellen sheds light on lift-off communication

Federal Reserve chair Janet Yellen

Federal Reserve chair Janet Yellen highlighted the importance of the US inflation outlook in the timing of interest rate hikes in a congressional committee hearing today, as she fleshed out how the Federal Reserve will communicate policy normalisation.

In recent months the Federal Open Market Committee (FOMC) has said it can be "patient" in beginning the normalisation process – a signal it is unlikely to increase the target for the federal funds rate in the next couple of meetings.

If economic c

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