Yellen: Progress of U.S. economy was the basis for rate hike

© Reuters.  The Federal Reserve increased interest rates by 0.25% to a 0.75-1% range© Reuters. The Federal Reserve increased interest rates by 0.25% to a 0.75-1% range – Federal Reserve Chair Janet Yellen said on Wednesday, she sees a gradual increase in interest rates this year and pointed out that the economy is “getting closer” to the Federal Reserve’s objectives.

Fed chair Yellen said in a press conference on Wednesday, that the progress of the economy was the basis for the decision to increase rates by 0.25% to a 0.75-1% range but pointed out that “three [interest rates] increases qualifies as gradual”.

“The relatively steady participant rates is an improving sign of strength in the job market” Fed Chief Yellen said.

Ms. Yellen reiterated that the US central bank would continue to provide accommodative monetary policy to support the US economy but warned against a prolonged period of lower rates in order to avoid a situation which forces the fed to “raise rates rapidly”.

The traded 0.94% lower to 100.69.

rose $ 12.65, or 1.03% to $ 1215, while Treasury yields fell 3.51% with the trading at around 2.502 by 15:24 EDT.

Elsewhere, the traded 0.53% higher to 20,948. The gained 0.85% and the climbed 0.78% to trade at 5,902.

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