The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle, Washington. While there, he's scheduled to meet with Boeing executives and...Airlinesread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
For the past six years, Facebook has tried over and over to release a hardware product that consumers will want, and it has never succeeded.Technologyread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
The Fed cut interest rates by a quarter point, but it also reaffirmed its rate cut was meant to serve as insurance for the economy.Market Insiderread more
President Barack Obama spoke at an event in San Francisco on Wednesday hosted by software company Splunk and addressed how tech can help solve problems.Technologyread more
Disney CEO Bob Iger writes in his autobiography that he believes he would have discussed combining Disney with Apple had Steve Jobs lived.Technologyread more
The Facebook CEO will talk to policymakers "about future internet regulation," according to a spokesperson.Technologyread more
Microsoft shares rose 1% after hours as it announced plans to raise its dividend and authorized as much as $40 billion to buy back shares.Technologyread more
Under questioning over why the central bank remains committed to normalizing policy even as price and wage pressures remain muted, Yellen said the Fed is aware of the softness in data and will react if necessary.
"It's something that we're watching very closely considering risks around the inflation outlook," Yellen said in her semiannual remarks on Capitol Hill. "To my mind, a prudent course is to make some adjustments [in rates] as long as our forecast is that we're heading back to 2 percent."
Officials have indicated that they plan to keep hiking rates on a slow, steady course until the target funds rate gets back to a more normal level after years of staying at historic lows.
But questions have arisen lately that the central bank may be raising at the wrong time as economic growth remains soft and inflation holds around 1.4 percent.
Earlier in the question-and-answer session, Yellen said the Fed is not considering reevaluating its 2 percent target. However, she said that doesn't mean the Fed won't pause on rate hikes.
"Monetary policy is not on a pre-set course," she said. "We're watching it very closely and stand ready to adjust our policy if it appears that the inflation undershoot will be persistent."
The Fed currently has the target for its benchmark funds rate at 1 percent to 1.25 percent, after coming off the near-zero rate that persisted until December 2015. Markets figure about a 52 percent chance that the Fed will hike again before the end of the year and will start unwinding its $4.5 trillion bond portfolio, most of which was accumulated as it tried to stimulate the economy after the financial crisis.
This is a breaking news story. Check back here for updates.