Fed plans more rate hikes to meet goals: Yellen

Fed plans more rate hikes to meet goals: Yellen

Wall Street stocks rose early Wednesday as Federal Reserve Chair Janet Yellen pledged a "gradual" approach to additional interest rate increases.

"I really haven't had to give further thought to this question", she told the House Financial Services Committee, on the first of two days of the Fed chair's semi-annual testimony to Congress. Two Fed members, Fed Governor Lael Brainard and Minneapolis Federal Reserve Bank President Neel Kashkari spoke on Tuesday, however their dovish-perceived speeches added some uncertainty ahead of today's event. "She said exactly what the market expected and that's why the market was happy with it", said Chris Zaccarelli, chief investment officer at Cornerstone Financial Partners based in Charlotte, South Carolina.

The Final Word: Volatility spiked through the morning session after Donald Trump Jr. released emails that pointed to Russian collusion in the presidential election.

The fall in sterling once again lifted the exporter heavy United Kingdom bluechip index .FTSE which rose 1 percent, outperforming regional peers.

The Taiwan dollar and the Thai baht followed, each rising 0.4 percent.

Stocks showed a lack of direction over the course of the trading session on Tuesday before eventually ending the day mixed.

Despite a strong start, the home currency succumbed to intense dollar pressure in late afternoon deals amid firming greenback overseas trend.

The ILO jobless rate fell to 4.5% in the three months to May from 4.9% in the same period of the previous year, data from the Office for National Statistics showed Wednesday. According to Thompson Reuters, "technology is expected to have had among the strongest earnings growth for the second quarter". This was the lowest since 1975.

Spot gold was up 0.23 per cent at US$1,216.79 per ounce and away from Monday's US$1,204.45, its lowest since March 15.

The Fed has projected that the US economy will grow roughly 1.8 percent of GDP per year over the next two years.

The greenback reversed from an early high of 0.7216 against the kiwi, falling to a 2-day low of 0.7280. Output was forecast to gain 1% in May. The Energy Information Administration's weekly report on petroleum inventories in the U.S.is schedule for release at 10:30 a.m. ET.

Yellen said that while uncertainty about domestic fiscal policies and economic troubles for major worldwide trading partners complicates economic projections, she gave "roughly equal odds that the USA economy's performance will be somewhat stronger or somewhat less strong than we now project".



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