National Association of Federal Credit Unions (NAFCU) Chief Economist and Director of Research Curt Long issued the following statement today in response to Federal Reserve Chair Janet Yellen’s testimony on the semiannual Monetary Policy Report before the House Financial Services Committee.
“In her testimony, Chair Yellen noted the emergent risks posed by weak financial markets and the declining prospects for growth abroad,” said Long. “While she did not indicate how this would play into the FOMC’s outlook for future rate increases, it seems far more likely than not that the committee will revise down its expectation of four rate hikes in 2016 in their March release.”