Fed’s Yellen discusses timeline for interest rate change in US


Federal Reserve vice-chair Janet Yellen believes the US economy will continue to grow "only gradually" in the medium term, and so supports the Fed's assessment that interest rates should remain low until at least late 2014.

Yellen, addressing the Money Marketeers of New York event at New York University on April 11, said that while recent data on the unemployment rate was encouraging, it should be seen in the context of a labour market where the level of "private payrolls stands at five million

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