The Federal Open Market Committee appears on track for a December rate hike, Federal Reserve Board Chair Janet Yellen suggested on Thursday.
Responding to questions from the Joint Economic Committee regarding whether the election and events since the last FOMC meeting would derail a hike, Yellen responded, "Evidence has been consistent with expectations," discounting the election, noting that the panel looks only at data.
Responding to another query, Yellen said she expects to complete her term at the Fed. "I was confirmed by the Senate to a four-year term, which ends at the end of January of 2018, and it is fully my intention to serve out that term," she said.
"Uncertainty will last for a considerable time," Yellen said, avoiding to directly answer whether delaying a rate hike until January might be appropriate.
Responding to a question about doing away with the dual mandate, Yellen said, "I am a strong believer in the Fed's dual mandate." She said price stability and maximum employment are rarely in conflict.
She said it's "not clear" why business investment has been weak, but noted Fed policy has "not hampered" investment nor has it "been a negative factor."
