News
Fed Likely To Raise Rates Next Year, But Patiently
The Federal Reserve offered an endorsement of the US economy today when it signaled it would likely hike interest rates at some point next year. But Fed Chair Janet Yellen clarified that the Federal Open Market Committee, which sets the rates, would be "patient" in its decision and keep rates where they are through at least next April. Benchmark interest rates have remained near zero since December 2008.
The development comes in spite of market volatility abroad as Russia confronts a currency crisis set off in part by sharply declining oil prices and Japan is mired in a deeper-than-expected recession.
