Federal Reserve

Congressman to Yellen: God wants you to hold off on rate hike

God wants Fed to delay hike: Rep. Sherman

The odds of a December Federal Reserve rate hike are as high as ever, and one congressman is afraid this may upset the Almighty.

Rep. Brad Sherman, D-Calif., told Fed Chair Janet Yellen on Wednesday she should hold off on raising rates next month as it would go against "God's plan."

"As I argued ... back in the summer, God's plan is not for things to go rise in the autumn. As a matter of fact, that's why we call it fall. Nor is it God's plan for things to rise in the winter through the snow," he said.

"God's plan is that things rise in the spring so, if you want to be good with the Almighty, you might want to delay until May," Sherman said.

Federal Reserve Chair Janet Yellen testifies before the House Finance Committee in the Rayburn House Office Building November 4, 2015 in Washington, DC.
Janet Yellen: December rate hike a 'live possibility'

Yellen testified before the House Financial Services Committee on banking regulation and on monetary policy.

Regarding policy, she said December could be a "live possibility" for a rate rise if the coming data is supportive.