Fed’s Yellen Aims to Move Rates Up Soon

Time to lock in those rates! The Fed’s interest-rate planning has been thrown off by an economic contraction in 1st quarter, a slowdown in China’s economy and Greece’s default on debt. But, a rate increase this year is still likely.

Federal Reserve Chairwoman Janet Yellen signaled that recent turbulence in Greece, China and elsewhere overseas isn’t threatening the U.S. economy enough to divert the central bank from plans to raise short-term interest rates later this year.

Fed officials have indicated they could move rates as early as September, though many investors expect the Fed to wait until December. Ms. Yellen, testifying Wednesday before a House panel, avoided being pinned down on a date, but did yield some insight into her tactical thinking on the timing.

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