Tuesday, July 15, 2014
(Washington, DC) -- Federal Reserve chief Janet Yellen says the economy continues to recover from the deep recession. In a Senate hearing, Yellen said the Fed expects the economy to continue growing at a moderate pace in coming years. She warned that the recovery of the housing sector continues to be unsteady. Yellen noted the gradual decline in the national unemployment rate but said it remains too high. She also made clear that the Fed will likely continue scaling back its bond-buying stimulus program.