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Yellen foresees continued low borrowing rates

By The Associated Press

This article was published May 7, 2014 at 11:22 a.m.

WASHINGTON — Federal Reserve Chairmam Janet Yellen said Wednesday that the U.S. economy is improving but noted that the job market remains “far from satisfactory” and inflation is still below the Fed’s target rate.

Speaking to Congress' Joint Economic Committee, Yellen said that as a result, she expects low borrowing rates will continue to be needed for a “considerable time.”

Yellen’s comments echo her earlier signals that the Fed has no intention of acting soon to raise its key target for short-term interest rates even though the job market has strengthened and economic growth is poised to rebound this year.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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