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Yellen: March Rate Hike 'Likely Appropriate'
Monday, March 6, 2017 6:45 AM

Federal Reserve Chair Janet Yellen on Friday said an interest rate hike in March "would likely be appropriate" if inflation and employment continue "to evolve."

Yellen spoke about improving inflation during remarks at the Executives' Club of Chicago on March 3. "At our meeting later this month, the Committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate," she said.

"We at the Federal Reserve must remain squarely focused on our congressionally mandated goals," Yellen said. "The economy has essentially met the employment portion of our mandate and inflation is moving closer to our 2 percent objective. This outcome suggests that our goal-focused, outlook-dependent approach to scaling back accommodation over the past couple of years has served the U.S. economy well."

Yellen said the Federal Open Market Committee anticipates "moderate" economic growth in coming years along with strengthening inflation and labor market conditions.

The FOMC's next two-day meeting is set for March 14-15.