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The Fed chairman Janet Yellen spoke yesterday at an economic conference in Philadelphia and said that shouldn’t ascribe too much importance to the disappointing employment report which was released last Friday.
According to the Fed Chairman, the general trend is of a recovery in the labor market. Yellen said that the interest rates will rise gradually this year but she didn’t mention a specific time.
The markets interpreted this as a rejection of a rate rise this month and the stock markets closed with gains.