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Fed's Yellen to testify rate policy before Congress


11-17-2016 11:24 BJT

U.S. Federal Reserve Chair Janet Yellen will testify before Congress on Thursday to brief lawmakers on the U.S. economic outlook and chances of an interest rate hike in December.

This will be Yellen's first testimony since Donald Trump was elected US president. Markets widely believe an interest rate hike at the monetary policy meeting on December 13th-14th will be without a doubt.

Yellen may also be obliged to defend the Fed's financial regulation efforts as Donald Trump has severely criticized the Fed for keeping the interest rate low to help the Democrats during his presidential campaign.

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