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U.S. stock futures pointed to a higher open on Monday as Treasury yields rebounded to quell fears of a possible recession.US Marketsread more
The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
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U.S. Commerce Secretary Wilbur Ross said the U.S. will extend a reprieve given to Huawei that permits the Chinese firm to buy supplies from U.S. companies.Politicsread more
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The U.K. prime minister prepares to meet his German and French counterparts this week.Europe Politicsread more
Amazon is raising seller fees for thousands of small and medium-sized businesses in France because of a new digital tax passed by the French government.Technologyread more
Ahead of the deadline, U.S. President Donald Trump told reporters that Huawei was a national security threat.Technologyread more
Target is launching its biggest brand yet, Good & Gather. Target expects the grocery label will be a multibillion-dollar brand by the end of 2020.Retailread more
Federal Reserve Chair Janet Yellen on Thursday touted the strength of the United States economy, rebuffing political rhetoric suggesting a bubble is ready to burst.
"I certainly wouldn't describe this as a bubble economy," Yellen said, noting a "healing" labor market and a 5 percent headline unemployment number.
Yellen appeared on a panel with former Fed Chairs Ben Bernanke, Paul Volcker and Alan Greenspan at the International House in New York. The U.S. central bank heads discussed the U.S. economy and monetary policy around the globe.
Yellen's comments come soon after Republican presidential contender Donald Trump's contention that an economic bubble could burst. Yellen noted that she did not see "imbalances" like "clearly overvalued" asset prices.
While Volcker admitted he saw some "overextended" pieces of the financial system, he concurred, saying he does not believe a bubble exists.
Yellen added that the global economy has seen "relatively weak" growth despite positive signs in the U.S. The Fed has taken a cautious approach on raising interest rates this year after hiking its target in December for the first time in nearly a decade. The bank's policy committee now projects two rate hikes this year.
Yellen said she did not consider the December decision a mistake, as indicators at the time showed "substantial" progress toward the Fed's labor market and inflation goals. Moving forward, she noted the Fed would "watch very carefully what is happening in the economy."
"We remain on a reasonable path and a don't think that December was a mistake," she said.
As it decides on how quickly to boost rates, the Fed has dealt with a sagging global economy and U.S. inflation below its target. The Fed's tightening path comes as other central banks around the globe, including those in Europe and Japan, have eased.
The policy committee next meets on April 26 and 27.
Some Fed observers have questioned how the central bank could respond to a possible recession with policy already accommodative. Bernanke noted Thursday that fiscal policy "does have a role to play" on top of monetary policy.
Greenspan added that monetary policy "should not have the whole load" of combating an economic slowdown. However, he cautioned against creating more debt with increased government spending.
Yellen also addressed a recent crusade by Minneapolis Fed President Neel Kashkari, who has floated breaking up large banks to increase financial system stability. She noted that she shared Kashkari's concern about ending firms' "too big to fail" status.
But she said policies like capital and liquidity requirements and stress tests have "greatly enhanced the safety and soundness of the banking system."
"I feel more positive on the progress that we've made," Yellen said.
She said she believes the issue is within Kashkari's purview, noting that the Fed's decentralized structure allows independent views.