"The economic expansion is increasingly broad based across
sectors as well as across much of the global economy," Yellen
said in remarks released ahead of her appearance later on
Wednesday morning before the Joint Economic Committee.
With weak inflation likely to prove "transitory," she said "we
continue to expect that gradual increases in the federal funds
rate will be appropriate."
She did not in her prepared remarks comment on a possible
December rate increase, expected by investors. Minutes of the
most recent Fed meeting said "many participants" felt a rate
increase would likely be warranted "in the near term."
In what may be one of her last public appearances before leaving
the Fed chair, Yellen said the economy's momentum continues.
Job growth averaging 170,000 positions per month is enough to
continue to absorb new and sidelined workers into the economy,
and growth ticked up to a 3 percent annual rate over the last
On a day after the stock market hit new records, Yellen said
that while asset values were "high by historical standards,
overall vulnerabilities in the financial sector appear
(Reporting by Howard SchneiderEditing by Chizu Nomiyama)
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