WASHINGTON—Credit unions may gain more insight into the Federal Reserve’s interest rate intentions this year when Fed Chair Janet Yellen testifies before the Senate Banking Committee today.
Yellen testifies today on the state of the economy and Fed activities when she delivers the Fed’s semiannual monetary policy report.
Both NAFCU and CUNA said they will be following the hearing.
The hearing comes a week after the Federal Open Market Committee declined to increase the federal funds target range during its June meeting. NAFCU Chief Economist and Director of Research Curt Long said the decision was expected, and he said July is still a possibility but the fall is more likely.
In February, Yellen told the Senate panel that the Fed’s plans to raise interest rates will depend on the larger economic outlook beyond just inflation. Yellen addresses both the Senate committee and the House Financial Services Committee twice a year.