Federal Reserve Chair Janet Yellen remains confident in the US economic expansion.
According to a new report from Bloomberg’s Rich Miller, Yellen told members members of the Group of 30 over the weekend that she remains confident in the durability of the US economic expansion despite slowing global growth and turbulent financial markets.
Miller’s report cites two people familiar with Yellen’s comments who asked not to be named because the meeting was private.
The report said Yellen told the G-30 that inflation will eventually rise back to the Fed’s 2% target with the unemployment rate expected to fall further.
Yellen’s comments over the weekend largely echoed her most recent public comments, made on September 17 alongside the Fed’s latest monetary policy decision, which said that the Fed sees the economy growing at a moderate pace going forward.
This report also follows the Fed’s latest Beige Book report on economic activity, which showed that the economy continues to grow at a modest to moderate pace, as it has for the last several months.
On Twitter following the Beige Book, Deutsche Bank economist Joe LaVorgna said, the Fed’s Beige Book was “nothing new, it’s more of the same.”
On Wednesday, stocks in the US were selling off hard, with the Dow falling more than 400 points at one point as the yield on US government bonds tumbled, with the 10-year yield falling as low as 1.86% early in the morning.
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