Federal Reserve Chair Janet Yellen set a cautionary tone on the economy saying that the FOMC will not make a move on interest rates for the next few meetings.
Ms. Yellen attributed her dovish stance to weak inflation and a slowly improving jobs situation.
“It continues to be the FOMC’s assessment that even after employment and inflation are near levels consistent with our dual mandate, economic conditions may, for some time, warrant keeping the federal funds rate below levels the committee views as normal in the longer run,” Yellen said.