Yellen sees US economy ready for rate hike

Federal Reserve Chair Janet Yellen stoked expectations of a looming rise in the benchmark federal funds rate Wednesday, saying she expects the US economy will continue to grow strongly. In a Washington speech, Yellen described conditions as nearly ripe for the first rate increase in nine years and said that domestic and international threats to US economic growth had diminished. Yellen made no comment on whether the Fed will raise its benchmark federal funds rate at its next meeting on December 15-16.

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