Federal Reserve Chair Janet Yellen speech on the economic outlook in Providence, Rhode Island.
Janet Yellen isn't rocking the boat, sticking to FOMC wording that the economy is soft right now but is slowly picking up speed that will likely necessitate a rate hike at "some point" this year. She cited concern over slowing in business spending and also slowing in exports though she sees the latter improving. She said the labor market needs further improvement and wages remain low. Her emphasis on low wages indirectly points to a lack of alarm over today's consumer price report where the core reading definitely showed pressure. The Dow is moving off session lows following Yellen's speech.
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