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Wall Street higher after Fed's Janet Yellen signals gradual rate hikes

She said Fed would wind down its massive bond portfolio while keeping a close watch on low inflation

Reuters 

US stocks were higher in early afternoon trading on Wednesday, with the Dow at record levels, after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and will not have to rise much further to reach a neutral level. Yellen, in a prepared testimony delivered to Congress, said the Fed would wind down its massive bond portfolio while keeping a close watch on the low inflation. The testimony depicted an economy that, while growing slowly, continued to add jobs, benefited from steady household consumption and a recent jump in business ...

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