Federal Reserve Chair Janet Yellen said Tuesday that the U.S. economy faces a number of uncertainties that require the Fed to proceed cautiously in raising interest rates.
The Federal Reserve is keeping interest rates unchanged in light of an uncertain job market, while offering no specifics about when its next rate hike might occur.
With the Federal Reserve considered sure to leave interest rates alone when it ends a meeting Wednesday, Fed watchers will be seeking clues to the timing of future moves.
Federal Reserve Chair Janet Yellen indicated Monday that the U.S. economy is improving but remains defined by so many uncertainties that it's unclear when the Fed should resume raising interest rates.
In a possible preview of a speech Federal Reserve Chair Janet Yellen will give Monday, a close ally said Friday that the Fed should be in no hurry to raise interest rates, especially after a bleak U.S. jobs report.
The Federal Reserve said Wednesday that the economy grew at a modest pace in much of the country from April to mid-May, despite headwinds ranging from slower consumer spending to ongoing weakness in the manufacturing and the energy sectors.
Catching many investors off guard, the Federal Reserve made clear Wednesday that an interest rate hike in June is likely if the economy keeps improving.