Despite Yellen’s testimony signaling a “gradual” tightening in interest rates would be appropriate, it also quashed the idea of the Federal Reserve adopting an aggressive rate hike path, as the Fed believes it is not that far from the neutral rate.
In prepared testimony to the House Financial Services committee, Yellen said the Fed is likely to unwind its stimulus despite low infla
The BoC raised the cash rate to 0.75% in a widely anticipated decision. It also raised the bank rate to 1% and the deposit rate to 0.5%.
In prepared remarks released before her testimony to the House Financial Services committee, Yellen said the Fed is likely to unwind its stimulus despite low inflation.
Investors were looking ahead to comments from Yellen, who was due to make semi-annual testimony on monetary policy before the U.S. Congress on Wednesday and Thursday.
The cryptocurrency fell to a low of $175.69 on Tuesday, its weakest level since May 28.
Figures from the Office for National Statistics showed that the UK unemployment rate fell to 4.5% in the three months to May, a new 42-year l
Sterling hit an 8-month low against the euro as a result. (EURGBP=)
The dollar came under pressure after emails released by Donald Trump Jr revealed that he welcomed assistance from a Russian lawyer during his father's 2016 election campaign against Hillary Clinton.