Up and Away: Pondering Janet Yellen’s Legacy
Third time lucky. In each of the past two years, the Federal Reserve has predicted multiple interest-rate rises, only to be thrown off-course by events. On March 15 the central bank raised its benchmark Federal Funds rate for the third time since the financial crisis, to a range of between 0.75 percent and 1 percent. This was, if anything, ahead of its forecast, which it reaffirmed, that rates would rise three times in 2017.