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Janet Yellen expects interest rate hike

July 10, 2015

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The Federal Reserve. Photo via Wikimedia Commons user AgnosticPreachersKid.

Federal Reserve chairwoman Janet Yellen said she expects the Fed to raise interest rates by the end of the year during a speech to the City Club of Cleveland on Friday.

Yellen was cautious, however, citing concerns over the country’s labor market as well as other risks internationally.

In response to the suffering economy, the Fed has kept rates near zero for almost seven years, according to Reuters. It would take years for a return to normal rates, but the possibility of an initial upswing has attracted speculation in recent years.

Others see the initial “liftoff” a little later, however. Chicago Federal Reserve president Charles Evans said on Thursday that he thought the appropriate time would be closer to mid-2016, according to Reuters.

The Federal Reserve has a transcript of Yellen’s speech available on its website, which is the best place to start your reporting. For story ideas, get out and gauge the reaction from banks and other businesses that would be affected by a hike. CNN Money also has a report on what a rate hike would mean for regular people, which you can use to start looking for sources.

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