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Business

Yellen staying for likely December rate hike and beyond

Opening sequence

Opening sequence

Business

Yellen staying for likely December rate hike and beyond

0:00
17:49
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COMING UP:Yellen staying for likely December rate hike and beyond

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Transcript

00:00:00
>> Members of the committee, I appreciate the opportunity to justify before you today.>> In her first Congressional testimony since Donald Trump's victory, Federal Reserve Chair Janet Yellen on Thursday, making it clear she is not going anywhere yet.>> I was confirmed by the Senate to a four years term which ends at the end of January of 2018 and it is fully my intention to serve at that term.
00:00:28
>> Other government officials like Securities and Exchange Chair Mary Jo White, are running to the exit before the new administration enters, but not Yellen, and she more than others bother bought of candidate Trump's tongue-lashing. He accused her of keeping rates low in order to help President Obama, and said he would most likely get rid of her when her term ends.
00:00:49
Yellen maintained on Thursday, the fed does not play politics with interest rates and that's not the only point of disagreement with president-elect. Trump wants to roll back the sweeping reforms put in place after the financial crisis, commonly referred to as Dodd-Frank. She does not.>> I certainly would not want to see all the improvements that we have put in place, I wouldn't wanna see the clock turned back on those because I do think they're important in diminishing the odds of another financial crisis.
00:01:24
>> But it wasn't all Trump talk on Capitol Hill, with discussions eventually turning to the all-important issue of interest rates.>> The US economy has made further progress this year. At our meeting earlier this month, the committee judged that the case for an increase in the target range had continued to strengthen, and that such an increase could well become appropriate relatively soon.
00:01:51
>> How soon? Yellen confirming the likelihood of a rate hike at the feds next meeting in December. What comes after that, she says, depends on how much money Trump and the Republican-led Congress pump into the economy.