Filed Under:Life Insurance, Life Planning Strategies

Economy still in need of Fed support, Yellen says

(AP Photo/Cliff Owen)
(AP Photo/Cliff Owen)

(Bloomberg) -- Federal Reserve Chair Janet Yellen, easing investor concern that interest rates may rise earlier than previously forecast, said the world’s biggest economy will need Fed stimulus for “some time.”

Yellen said today the Fed hasn’t done enough to combat unemployment even after holding interest rates near zero for more than five years and pumping up its balance sheet to $4.23 trillion with bond purchases.

‘Real people’

“They are a reminder that there are real people behind the statistics, struggling to get by and eager for the opportunity to build better lives,” Yellen said. “Their experiences show some of the uniquely challenging and lasting effects of the Great Recession.”

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Nichole Morford

Nichole Morford
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