Frank Fed

At today’s news conference following a meeting of the interest rate setting FOMC, Chairwoman Yellen was clear about three things. Rates will start rising later this year (my bet remains 9/17/15), rates will rise by one percentage point every 12 months for the next three years, which is unusually slow, just half as fast as in past rate-rising cycles, and sustained GDP growth above 2.5%/year is not expected soon.