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Janet Yellen raises interest rates in final act as Federal Reserve chair
14 Diciembre 2017, 06:20 | Dolorita Barahona
Yellen speaks about Jerome Powell succeeding her as Fed chair
Despite claims by the Trump administration that the cuts, which most analyses view as skewed toward corporations and wealthy individuals, will boost growth, the Fed predicts that economic growth will benefit only marginally, if at all, from the tax cut plan. But the highest growth - an average of 25% - was among families without a high school diploma; in the 2010 to 2013 period, income fell for these workers, the Fed said.
Yellen, a labor economist who has led the U.S. central bank since 2014, made healing the nation's recession-scarred job market a cornerstone of her tenure. Fed Chair Janet Yellen has in the past pointed to aggressive fiscal policy such as the tax reform package aimed at slashing the corporate tax rate currently in the Congressional pipeline accounting for the improved growth.
The Manhattan students worked for months on their presentations, which detailed their forecasts for monetary policy, tracked current economic conditions, and concluded with a recommendation to the Fed on which policies to move forward.
Traders also mulled the potential implications of Democrat Doug Jones' victory in the special US Senate election in Alabama on Tuesday, which thinned the Republicans' Senate majority to 51-49, raising discussion about their ability to pass tax legislation before year-end.
Fed governor Jerome Powell will take over the helm of the central bank from Yellen in early February.
US crude fell 0.72 per cent to $56.73 per barrel and Brent was last at $62.59, down 1.18 per cent.
Fed policymakers on Wednesday announced an increase in the benchmark federal funds rate to a range of 1.25 percent to 1.5 percent, the third increase in the key rate this year. The committee also revised its inflation figures up slightly, with a headline inflation rating at 1.7% rather than the 1.6% projected in September.
But the Fed's forecast of three additional rate increases in 2018 and 2019 was unchanged from its projections in September, a sign the tax legislation moving through Congress would have a modest, and possibly fleeting, effect. Yellen has overseen the Fed's strategy of slowly returning to more normal interest rate levels and Powell is expected to oversee further rises in 2018. "There's less to lose sleep about now than has been true for quite some time". U.S. companies in the S&P index derive about half their revenue from abroad. Energy prices have spiked across Europe as a result, and the incidents have illustrated that global markets too are no longer as able to absorb supply shocks as they were six months ago. The price of the digital currency has soared this year, having begun 2017 under $1,000.
Finisar jumped 22.8 percent after Apple said it will invest $390 million in the fiber optic component supplier so it can make more lasers used in facial recognition technology. The vote to raise rates was 7 to 2.
While inflation has been below the Fed's 2% target, the central bank said price pressures would stabilize around its 2% goal over the next year or two. Removing the real risk of bankruptcy creates investor complacency and the willingness to buy at any price.
On the global front, the dollar remained moderately lower against other major currencies as investors were focused on the Federal Reserve's upcoming policy meeting, scheduled to begin later in the day. He was an attorney and a former partner at the Carlyle Group, a private equity firm.
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