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Business

Brexit vote, hiring slowdown gives Yellen reason to pause

Opening sequence

Opening sequence

Business

Brexit vote, hiring slowdown gives Yellen reason to pause

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17:46
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COMING UP:Brexit vote, hiring slowdown gives Yellen reason to pause

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Transcript

00:00:00
>> Suggesting that our cautious approach, proceeding cautiously, taking a cautious approach.>> Cautious. That's the Federal Reserve chair Janet Yellen's favorite new word. Yellen, in testimony before the Senate finance committee Tuesday, expressing worry about the U.S. economic recovery following the weakest job creation in more than five years.
00:00:20
>> We believe that will turn around, expect it to turn around. But we're taking a cautious approach and watching very carefully to make sure that that expectation is bourn out before we precede to raise interest rates further.>> The Fed Chief has now grown cool to hiking the Fed's key lending rate anytime soon, after spending most of the year saying the economy was strong enough for the second rate hike since the end of the financial crisis.
00:00:50
Besides the noticeable slow down in US hiring, Yellen told lawmakers she's also concerned the possible outcome of a vote this week on whether the United Kingdom leaves the European Union will harm global financial markets and the global economy as well.>> Could have significant economic consequences by launching a period of uncertainty, both for the United Kingdom and possibly the future of European economic integration.
00:01:20
>> The last thing a fragile world economy needs right now is the so-called Brexit. But even if the UK votes to exit, and if the world economy takes a hit, Yelle told lawmakers America's economic progress in recent years, though modest, is still strong enough to prevent the US economy from being dragged into recession.