Yellen expects 'lift-off' later this year

Janet Yellen of the Federal Reserve
Fed chair Janet Yellen

The Federal Reserve will likely raise interest rates "at some point later this year" according to Janet Yellen – who sketched out a positive outlook for the US economy in her speech on July 10.

Despite arguing there is still slack in the labour market, Yellen suggested full employment was "coming closer into view" and inflation would rise to 2% over "the next few years".

"Based on my outlook, I expect that it will be appropriate at some point later this year to take the first step to raise the f

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