In a planned speech yesterday US Fed chairman Janet Yellen said that perhaps her organisation had ‘misjudged’ factors which have been dragging on US inflation for some years now. ‘This low inflation likely reflects factors whose influence should fade over time’, thus clinging to the view that this is a mere blip and things should return to ‘normal’ any time soon. Therefore she said she’s sticking to her ‘gradual’ approach to raising the target interest rate and was also ‘wary of moving too gradually’.
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