Yellen: Fed expects rates to hit long-run level by end-2019

Janet Yellen: Fed needs to avoid a "nasty surprise" down the line

Interest rates in the US are likely to reach their long-run level over the next three years, Federal Reserve chair Janet Yellen said in a speech on January 18, stressing the complicated nature of the decisions ahead.

As of the December meeting of the Federal Open Market Committee (FOMC), when the committee voted to raise rates by 25 basis points, members believed rates would recover to be in line with the neutral, long-run rate of interest by the end of 2019, Yellen said.

As in much of the

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