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WASHINGTON, May 22 (Xinhua) -- U.S. Federal Reserve is on track to raising its benchmark interest rate this year despite the weak performance in the first quarter.
"If the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy Wholesale Nike Air Max Shoes ," said Fed Chair Janet Yellen at an event in Rhode Island on Friday.
She reiterated that the pace of normalization is likely to be gradual and it will be "several years" before the federal funds rate is back to its normal and longer run level.
The recently released Fed policy meeting minutes showed many Fed officials did not expect to raise interest rate in June as they believed the data available in June would not provide sufficient confirmation that the economic conditions warrant the liftoff.
Following the release of the minutes, the market widely sees September or even later as the most likely time for the rate increase. The Fed has kept its benchmark short-term interest rate near zero since December 2008.
In assessing the two criteria for raising rates, Yellen said despite the significant gains of the past couple of years, there is still slack in the labor market, such as some people being forced to leave job market due to lack of job opportunities.
As for inflation Wholesale Nike Air Max , the other criterion which has run below the Fed's 2-percent target for years, Yellen said, as the economy strengthens further and oil prices stabilize, she and other Fed officials believed that the consumer price inflation will move up to 2 percent. Meanwhile, other temporary factors also weighed on inflation recede Wholesale Nike Air Max Flair , she added.
She attributed the nearly flat growth in the first quarter to transitory factors, such as severe winter and labor disputes in west coast, but held a cautious view about the economic outlook.
Yellen said the economic growth would be moderate over the remainder of the year and beyond as headwinds facing the economy, including slow housing sector recovery, weak investment in energy sector Wholesale Nike Air Max Deluxe , and slow global growth, have not fully abated.
Most Fed officials expected the economy to grow about 2.5 percent per year over the next couple of years, Yellen said.
Balance Transfer Credit Card Facts and Myths
Posted by nick_niesen on October 29th, 2010
There are a number of balance transfer credit card facts and myths that are important to be cleared up. Understanding these facts and myths will help you to better keep your finances under control.
Myth: I can get arrested for continually transferring my credit card balances.
Legally, you can transfer your credit card balances as often as you want. So long as you are making your payments and not attempting to defraud your lender Wholesale Nike Air Max 180 , the law does not concern itself with how you choose to handle you finances. It is, however, a bad practice to continually move your balance transfer credit card to another. This is because, in order to do this, you need to open up several credit card accounts. When it comes to your credit rating Wholesale Nike Air Max 120 , having a large number of open accounts can lead to a bad credit rating.