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US economy on 'solid growth' track in Q2: Yellen

Published on May 7, 2014 10:20 PM
 
The US economy is on track for "solid growth" in the second quarter after the winter freeze, US Federal Reserve Chair Janet Yellen said on Wednesday. -- FILE PHOTO: AFP

WASHINGTON (AFP) - The US economy is on track for "solid growth" in the second quarter after the winter freeze, US Federal Reserve Chair Janet Yellen said on Wednesday.

But with the housing industry slowing and unemployment still high, the economy still needs "a high degree of monetary accommodation," she told a congressional committee.

Dr Yellen said the growth stall in the first quarter was "mostly reflecting transitory factors, including the effects of the unusually cold and snowy winter weather."

"With the harsh winter weather behind us, many recent indicators suggest that a rebound in spending and production is already under way," she said.

 
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