Fed monitoring recent weaker economic data

February 28, 2014 

Federal Reserve Chairwoman Janet Yellen said Thursday that recent economic data points to weaker-than-expected gains in consumer spending and job growth, and the Fed will be watching to see whether the slowdown proves only a blip caused by severe winter weather.

In her remarks to the Senate Banking Committee, Yellen repeated the Fed’s previous assurances that its pullback in its bond purchases is not on a preset course and could be modified if there was a significant change in the Fed’s outlook.

The Fed is gradually reducing its monthly bond purchases, which have been intended to keep long-term loan rates low to encourage spending and growth.

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