US President Barack Obama has nominated Janet Yellen to be the next chair of the Federal Reserve. She would be the first woman to hold the post, and faces the task of winding down the Fed's massive stimulus program.
Federal Reserve Chair Janet Yellen has told the US Congress that interest rates will not have to rise much further. Politicians are concerned that three rate rises have taken place amid an uneven economic recovery.
The US economy saw "slight to moderate" growth in June while signs of mounting inflation remained scarce, according to a report by the Federal Reserve. The weak wage increase is seen as a setback for US citizens.
The US central bank has signaled it's ready to start selling more than a trillion dollars worth of assets it accumulated in the wake of the financial crisis, suggesting the US economy can do without further stimulus.
The US Federal Reserve is starting a two-day review of its monetary policy. Markets expect the third interest rate increase since December 2016 at its conclusion.
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