Fed Chair Janet Yellen Visits Chicago; Stocks Surge

News, Stocks

Federal Chair Janet Yellen visited Chicago on Monday, scheduled to speak at a conference as well as make remarks about the economic future of the country.

According to a post on the Businessinsider.com website, during her Chicago visit, “…Yellen highlighted “considerable slack” in the economy and the labor market, saying the Fed still had a long way to go to restore the economy to full health despite its decision to begin winding down its asset purchase program.”

“I think this extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policymakers at the Fed,” she said in the speech, ” Yellen said on Monday, as written on the Businessinsider.com website.

CNBC.com stated that investors tracked Monday’s trading operations and activities upon hearing Yellen’s remarks.
Yellen’s remarks were closely monitored with attention given to what Yellen stated about interest rates. “During her first news conference following the Fed’s Open Market Committee (FOMC) rate decision, equities were hard hit by the suggestion of an earlier-than-anticipated increase in rates,” stated the CNBC.com website.

During her remarks at a national conference on community reinvestment in Chicago, Yellen talked of the U.S. job market being “…less than healthy despite steady improvement since the recession ended nearly five years ago,” as stated on the CNBC.com. “She says the difficulty many people are still having finding full-time work shows that low rates are still needed to encourage borrowing and spending.”

Click here to read more from Businessinsider.com and click here to read more from CNBC.com.

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