Investing.com - Investing.com -- Federal Reserve chair Janet Yellen said Wednesday that the Fed will remove a reference to remaining patient from its minutes, paving the way for an interest-rate hike at some point this year.
While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, it will not occur until after the Federal Open Market Committee's next meeting in April, at the earliest. Yellen added that the timing of the decision will be 'data dependent,' and that a rate hike will not necessarily be made in June.
Drawing comparisons with Alan Greenspan by striking a well-balanced tone for the Fed's short-term outlook, Yellen appeared hawkish with the removal of patience, but dovish with forecasts for weaker inflation and GDP growth.
Stocks rallied broadly in late-afternoon trading to reverse previous losses earlier in the day. The Dow Jones Industrial Average gained 227.11 points or 1.27% to close at 18,076.19. Stocks were down on the Dow by about 95 points minutes before the Fed released its statement at 2 p.m. EST. The S&P 500 Composite index and NASDAQ Composite index also rebounded from earlier losses on the day to close broadly higher.
The U.S. Dollar Index, which measures the strength of the greenback versus six other major currencies, plunged to 96.75 at the market's close. The index reached 99.68 minutes before Yellen's statement was released.
The U.S. central bank has kept interest rates at near zero since 2009, following the Financial Crisis.
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