Yellen Says Fed's Focus Has Shifted to Holding Growth Gains
Monday, April 10, 2017 at 07:53PM
Gold Prices

 


Fed trying to give economy ‘some gas,’ but not too much


She sees economy continuing to grow at moderate pace

Federal Reserve Chair Janet Yellen said the U.S. central bank’s task has shifted from a post-crisis exercise of healing the economy to one aimed at holding on to progress made.

“Before, we had to press down on the gas pedal trying to give the economy all of the oomph that we possibly could,” Yellen said Monday in Ann Arbor, Michigan. The Fed is now trying to “give it some gas, but not so much that we’re pushing down hard on the accelerator.”

Yellen and her colleagues are aiming to ease back significantly this year on the level of support the central bank is providing the U.S. economy as they close in on their goals of full employment and 2 percent inflation. Policy makers have penciled in two additional rate hikes this year, on top of one executed in March.

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