Economic news

Federal Reserve chairwoman announces gradual interest rates increase

The main aim of the U.S. Federal Reserve System is to pursue a policy of a gradual increase in the base interest rate, said Fed Chairwoman Janet Yellen at the University of Michigan's Ford School in Ann Arbor. According to Yellen, U.S. economy now is in a healthy state.

The Fed intends to raise the interest rates gradually to support the adequate growth of the U.S. economy and prevent its "overheating", Yellen stressed.

The regulator needs to allow the economy to move forward and to avoid situation when it has to raise the rate too quickly, which could potentially lead to a recession.

On March 15, the Federal Open Market Committee raised the interest rate by 0.25 percentage points to 0.75-1%.

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