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Fed rate hike likely appropriate - Yellen

Friday, May 27, 2016 - 01:09

The Federal Reserve should raise interest rates ''in the coming months'' if the economy picks up, said U.S. central bank chief Janet Yellen at an event hosted by Harvard University. Bobbi Rebell reports.

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Another likely green light signal from Fed Chair Janet Yellen. Speaking at Harvard Yellen said the U.S. Federal Reserve should raise interest rates in the coming months, if economic growth picks up as expected, and jobs continue to be generated. But she also made it clear that the Fed won't rush into anything: (SOUNDBITE) JANET YELLEN, CHAIR, U.S. FEDERAL RESERVE, (ENGLISH) SAYING: "One of the reasons, I believe, it is important for us to be cautious in raising interest rates, is, precisely, because if we were to raise interest rates too steeply, and we were to trigger a downturn or contribute to a downturn, we have limited scope for responding, and it is an important reason for caution." Traders now put the odds of a June rate hike at 34 percent, up from thirty percent before Yellen's comments, according to the CME Group, where the futures contracts are traded. Jeffrey Gundlach, CEO of Doubleline Capital agrees the probability is still low telling Reuters that her comment that a rate hike would be appropriate in the coming months doesn't necessarily suggest a hike next month. He added that Yellen is more dove-ish than her Fed colleagues.

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