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Yellen Letters: Keep Interest Rates Low

Janet Yellen, President Barack Obama's nominee to lead the Federal Reserve, stressed the need to keep interest rates low and the benefits of the central bank's bond buying in remarks released on Tuesday, underscoring her commitment to spur hiring.

In two letters to lawmakers, Yellen, currently the Fed's vice chair, maintained the dovish tone of her testimony to the Senate Banking Committee last week, arguing that an ultra-easy monetary policy was essential to restore U.S. economic growth.

The committee will vote on Thursday on whether to send her nomination to the full Senate for final approval. She is expected to win confirmation relatively easily, despite unease among many Republicans over the Fed's aggressive policies.

Source: Reuters. Read full article. (link)

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