US rate hike possible later this year: Yellen
"I expect it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy. But I want to emphasize that the course of the economy and inflation remains highly uncertain. We will be watching carefully to see if there is continued improvement in labor market conditions, and we will need to be reasonably confident that inflation will move back to 2 percent in the next few years." said Yellen.
In the first quarter, a widening trade deficit and smaller inventories as well as a stronger dollar caused the US economy to shrink 0.2%. Heavy winter conditions also hampered consumer spending.
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