Backpedaling off prior comments stating a possible rate hike in
the second half of 2015 -- which sent stocks reeling -- Fed
Chairman Janet Yellen soothed worries about an imminent rate hike,
saying the Fed remains committed to keeping rates low for a
Speaking before the Economic Club of New York, Yellen also
calmed financial market jitters surrounding higher rates by saying
the decision about the "liftoff" for a rate hike is not based on
any one indicator but will take into account a "wide range of
information on the labor market, inflation and financial
Furthermore, the Fed expects to maintain the current range for
the Fed funds rate "for a considerable time after the asset
purchase program ends, especially if projected inflation continues
to run below the Committee's 2% longer-run goal, and provided that
longer-term inflation expectations remain well anchored."
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