US Interest Rate Expected to Reach 3% by End of 2019 - Federal Reserve Chair

The US interest rate will likely increase several times a year reaching 3 percent by the end of 2019, US Federal Reserve Chair Janet Yellen said at the Commonwealth Club in San Francisco on Wednesday.

WASHINGTON (Sputnik) —The Federal Reserve chair noted that the timing of the next rate increase will depend on how the US economy evolves in the coming months.

"Nevertheless, as the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support," Yellen concluded.

In December, the central bank’s policy-setting Federal Open Market Committee (FOMC) raised the US benchmark interest rate by 25 basis points to a range of 0.5 percent to 0.75 percent.

Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!