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Yellen hints that Fed could start increasing short-term rates around mid-2015

WASHINGTON - Federal Reserve Chair Janet Yellen is signalling that the central bank could begin raising short-term rates six months after it halts its bond purchases around year's end.

That was the clearest indication to date of when the Fed might raise its benchmark short-term rate, which has been at a record low near zero since 2008. The Fed has previously resisted specifying the timing of a possible increase in the short-term rate. Its latest statement says the rate could stay at a record low "for a considerable time" after the bond purchases end.

Yellen sought to explain that term at a news conference Wednesday.

"This is the kind of term it's hard to define," she said. "Probably means something on the order of six months, or that type of thing."

The Canadian Press

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