{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Yellen Tells Congress to Expect More Rate Hikes' data-url='/boclips/videos/5c54d4cbd8eafeecae1f59f8' data-video-url='/boclips/videos/5c54d4cbd8eafeecae1f59f8' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nYellen Tells Congress to Expect More Rate Hikes\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eFederal Reserve Chair Janet Yellen told Congress on Wednesday that the central bank expects to keep raising a key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year.In her semiannual...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eFederal Reserve Chair Janet Yellen told Congress on Wednesday that the central bank expects to keep raising a key interest rate at a gradual pace and also plans to start trimming its massive bond holdings this year.In her semiannual testimony on the economy, Yellen took note of a number of encouraging factors, including strong job gains and rising household wealth that she said should fuel economic growth over the next two years.She blamed a recent slowdown in inflation on temporary factors. But she says Fed officials are watching developments closely to make sure that annual price gains move back toward the Fed's 2 percent target.Many economists believe the Fed, which has raised rates three times since December, will hike rates one more time this year.In her prepared testimony before the House Financial Services Committee, Yellen repeated the message she has been sending all year: the economy has improved enough that it no longer needs the extraordinary support the central bank began providing in 2008 in the wake of a severe financial crisis and the deepest recession since the 1930s.She noted that since the depths of the recession, unemployment is now down to 4.4 percent, near a 16-year low. And while the economy started the year with a sluggish growth rate of just 1.4 percent, it has regained momentum in recent months, helped by strong job gains, a revival of business investment and a strengthening of overseas economies.But Yellen cautioned that \"considerable uncertainty always attends the economic outlook.\" Those include whether inflation will indeed pick up, as well as questions about how much of President Donald Trump's economic program will make it through Congress. She noted that while the global economy appears stronger, \"a number of our trading partners continue to confront economic challenges.\"Yellen made no reference in her prepared remarks to what many investors see as one of the biggest unknowns at the moment: whether Trump will ask Yellen to remain as Fed leader when her current term ends next February. Yellen so far has deflected questions about whether she would accept a second four-term term as chairman if Trump asked her to remain.She also did not mention the potential impact of Trump's other Fed nominations on central bank interest rate decisions and its approach to its other job, regulating the nation's largest banks.The Fed slashed its key policy rate to a record low near zero in December 2008 to combat the worst economic downturn since the 1930s - and kept it there for seven years until nudging it up modestly in December 2015. It then left the rate unchanged for another year until raising it again in December of last year, followed by increases in March and June this year. Even so, the rate remains in a still-low range between 1 percent and 1.25 percent.At its June meeting, the Fed signaled that it expected to begin shrinking its $4.5 trillion balance sheet later this year, a step that could put gradual upward pressure on longer-term rates for such items as home mortgages.In her testimony Wednesday, Yellen repeated the Fed's plans to increase the level of bonds that will be sold off each month at a gradual rate to give markets time to adjust. At its June meeting, the Fed announced that it planned to begin reducing its holdings by $10 billion per month.1. Fed Reserve Chair Janet Yellen taking her seat at witness table2. Tight of House Financial Services Committee Chair Jeb Hensarling 3. Slow zoom on Yellen at witness table4 . SOUNDBITE (English) Janet Yellen, Federal Reserve Chair:\"Since my appearance before this committee in February, the labor market has continued to strengthen. Job gains have continued to average 180 thousand per month. So far this year, down only slightly from the average in 2016 and still well above the pace we estimate would be sufficient on average to provide jobs for new entrants to the labor force. Indeed, the unemployment  rate has  fallen about a quarter percentage point  since the start of the   year, and 4.4  percent in June is 5 and 1/2 percentage points below its peak in 2010, and modestly below the median of Federal Open Market Committee participants assessments of its longer run normal level.                          5. Mid of lawmakers seated on dais6. SOUNDBITE (English) Janet Yellen, Federal Reserve Chair:\"Meanwhile, the economy appears to have grown at a moderate pace on average so far this year. Although inflation-adjusted gross domestic product is currently estimated to have increased at an annual rate of only 1 and a 1/2 percent in the first quarter, more recent   indicators that growth rebounded in the second quarter.\"7. Various of lawmakers seated on daisSOUNDBITE (English) Janet Yellen, Federal Reserve Chair:\"The Committee continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time to achieve and maintain maximum employment and stable prices. That expectation is based on our view that the federal funds rate remains somewhat below its neutral level, that is the level of the federal funds rate that is neither expansionary, nor contractionary and keeps the economy on an even keel.\"8. 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