Janet Yellen Washington economy Department Janet Yellen Washington

Yellen clarifies she is not predicting Fed rate increases

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WASHINGTON – Treasury Secretary Janet Yellen said Tuesday that she is not predicting when the Federal Reserve may need to start raising interest rates.

She was seeking to clarify her earlier remarks that rattled financial markets. Yellen suggested early Tuesday that interest rates may need to rise slightly to keep the economy from overheating.

Those remarks sent stock prices down with the declines led by tech shares. “It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat, even though the additional spending is relatively small relative to the size of the economy,” Yellen said in remarks webcast during The Atlantic's Future Economy Summit.

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