|
CNBC'S MOST SHARED
- Unemployed? Bored? Make Money Playing Beer Pong
- WPP's Sir Martin Sorrell on the Ad Recession
- Social Networking's 'Naked' Truth
- Merrill's McCann Seen as UBS Wealth Frontrunner
- Warren Buffett's Top Three Investment Rules for the Average American
- The View From Newark
- Fast Funds: Hot Ways To Play China
- Eric Schmidt on Government Scrutiny and Economic Recovery
- Warren Buffett's Complete Sun Valley CNBC Interview - Transcript and Video
- Government Selling Bank Stakes for Too Cheap: Panel
- Buffett's Top 3 Investment Rules for Average Americans
- Market Insider: Earnings Loom in the Week Ahead
- Bulls Get Summertime Blues, But It's Hot Fun for Bears
- As Banks Fail, Strong Institutions Become More Visible
- GM IPO in Second Quarter 2010 at the Earliest: CFO
- Merrill's McCann Seen as UBS Wealth Frontrunner
- It's Not the Wealthy Who Are Leaving California: Study
- Atlantic City Takes Hit as Pennsylvania Casino Opens
- Eric Schmidt on Government Scrutiny and Economic Recovery
- Market 360: The Week's Best & Worst
- Geek Squad V. Gizmodo
- Brandt: Google Chrome OS in the Post-PC Age
- Other People Are Weirder Than We Are
- Bank Failures: Is The Nightmare Over? (Video)
- California Here I Go? No.
- Roginsky: No More Mr. Nice Guy
- Commercial Conundrum
Text Size 
Federal Reserve Bank of San Francisco President Janet Yellen said on Monday that worsening financial conditions and weaker-than-expected economic data have raised downside risks to the economic outlook.
 |
AP Janet Yellen |
"These developments necessitate some rethinking of my growth forecast, and have highlighted the downside skew in the risks to that forecast."
On inflation, Yellen said consumer prices were expected to rise broadly in line with price stability, although there were some "notable upside risks" such as higher labor costs, a weaker dollar and rising energy prices.
She added that more economic data to be released ahead of the Fed's rate-setting committee's meeting on Dec. 11 would have to be incorporated into the outlook.
Yellen is not a voting member this year on the Fed's rate-setting committee.
The Fed has cut benchmark interest rates by 75 basis points since mid-September. Markets widely expect another rate cut next week.
Economic growth for the last three months of the year will likely be sluggish, Yellen said, and growth may come in weaker than she had previously anticipated over the next few quarters due to the possible adverse effects of financial turmoil.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes