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    Brexit Can Have 'Significant Economic Repercussions' - US Federal Reserve

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    Britain's "No" to EU membership could trigger major negative impacts, US Federal Reserve Chair Janet Yellen said.

    WASHINGTON (Sputnik) — A decision by the people of the United Kingdom to exit the European Union, also known as Brexit, can have major negative economic consequences, US Federal Reserve Chair Janet Yellen said in a report to the US Congress on Tuesday.

    "A UK vote to exit the European Union could have significant economic repercussions," Yellen stated. "For all of these reasons, the Committee is closely monitoring global economic and financial developments and their implications for domestic economic activity, labor markets, and inflation."

    Yellen has previously stated that Brexit had an impact on the Federal Reserve’s decision not to raise interest rates earlier in June.

    UK nationals are set to vote on June 23 in a referendum on the country's EU membership, after Prime Minister David Cameron and the leaders of the 27 EU member states agreed in February to grant the United Kingdom a special status within the bloc.

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