NEW FEDERAL Reserve chair
The Fed previously said it would not consider raising interest rates until unemployment dropped below 6.5 per cent, but Yellen's comments strongly suggest rates will be held even once the threshold is reached.
Pointing to long term unemployment and saying that part-time workers would like to work full-time, Yellen said: "These observations underscore the importance of considering more than the unemployment rate when evaluating the condition of the US labour market."
The signal that rates would still be kept low for an extended time boosted equities, as well as giving some relief to emerging markets currencies that have suffered from US tightening in recent weeks.
Markets were also rallied by a deal in the
The Nasdaq climbed to 4,191.04, rising 1.03 per cent from the previous day, while the Dow rose by 1.22 per cent to 15,994.77 over the day. The S&P 500 hit 1,819.75, and is now only 29 points from its record high of 1,848.38 in mid-January.
The Turkish lira rose to
The Fed stuck to a
Carney is tipped to revise the terms of his flagship forward guidance policy in the Bank's inflation report this morning.
US DEBT EXTENSION: T Page 8 age
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