Federal Open Market Committee

Fed chairman Janet Yellen says interest rates may be left unchanged if inflation in the US remains at a low level. Photo: MCT

Has Fed turned hawkish or did Yellen misspeak?

The Federal Reserve is telling us that not much has changed in the economy in the United States except rates are going to rise faster.

That is either growing hawkishness or a communications flub by Fed chairman Janet Yellen in her first Federal Open Market Committee press conference.