Yellen says U.S Economy on a Solid Path and Interest Rate Hikes on Track

Yellen says U.S Economy on a Solid Path and Interest Rate Hikes on Track

On Thursday, Federal Reserve chairwoman, Janet L. Yellen, said that the economy of the United States is on a solid path offering signals of inflation and the Fed is on track to raise interest rates further.

She also defended her decision of tightening the policy last year and said she did not regret her decision to begin raising interest rates in December for the first time in almost a decade.

Ms. Yellen said "I certainly don't regard it as a mistake. I said at the time and continue to feel that the economy had made very substantial progress."

Though further interest rate hikes have been put on hold for a while but according to Yellen, it continued to be on a "reasonable path" in the direction of higher rates with growth noted in the economy.

She was speaking at International House in Morningside Heights where she shared the stage with three of her living predecessors.

Many among the audience paid $1,000 for their tickets to hear the economic assessment which the past and present Fed officials had to offer.

Yellen said, "This is an economy on a solid course, not a bubble economy. The U. S. economy has been doing well and domestic strength has been propelling us forward despite the fact that we have been suffering a drag from the global economy."

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