(MENAFN- AFP) Federal Reserve Chair Janet Yellen said Wednesday that inflation is expected to rise slowly from current low levels but not go much beyond the Fed's two percent target.
Price pressure in the US economy remain subdued, she said, in part because of slowing energy price rises and a fall in import prices.
"Longer-run inflation expectations have remained remarkably steady, however," and will slowly push up toward two percent, Yellen said in a speech to The Economic Club of New York.
The Fed "is well aware that inflation could also threaten to rise substantially above two percent. At present, I rate the chances of this happening as significantly below the chances of inflation persisting below two percent," she said.
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