The US Federal Reserve chair, Janet Yellen, provided testimony to Congress. Yellen pointed to the improvement of the job market and said she expected that economic growth would lift this quarter after a December quarter slowdown. But Yellen also noted that "financial conditions have tightened considerably." The Fed chair emphasised that rates weren't on a "pre-set course" at that the pace of tightening would slow "if the economy were to disappoint".
The US Federal Reserve chair, Janet Yellen, provided testimony to Congress. Yellen pointed to the improvement of the job market and said she expected that economic growth would lift this quarter after a December quarter slowdown. But Yellen also noted that "financial conditions have tightened considerably." The Fed chair emphasised that rates weren't on a "pre-set course" at that the pace of tightening would slow "if the economy were to disappoint".
US sharemarkets were mixed on Wednesday with investors focussed on dissecting comments from Janet Yellen on the economy. Healthcare and technology stocks led the gains. At the close of trade, the Dow Jones was down by 100 points or 0.6% after being up by 187 points in the morning session. The S&P 500 index was flat and the Nasdaq gained 15 points or 0.4%.
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