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Wall Street records fresh highs on Yellen's rate hike views at testimony

Yellen said the economy is healthy enough to absorb further gradual rate increases

Reuters 

US stocks opened higher on Wednesday after Federal Reserve Chair Janet Yellen said interest rates hikes would be gradual and will not have to rise much further to reach neutral rate. Yellen, in a prepared testimony to be delivered to Congress at 10 a.m. ET (1400 GMT), said the economy is healthy enough to absorb further gradual rate increases and the slow wind down of the Federal Reserve's massive bond portfolio. 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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First Published: Wed, July 12 2017. 21:26 IST
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