Fed Chair Yellen: It Won't Be Necessary Soon to Cut Rates

The Federal Reserve's policymaking committee does not expect to cut interest rates anytime soon, Federal Reserve Chair Janet Yellen said Wednesday during a Congressional hearing with the House Financial Services Commitee, NBC News reported.

"I do not expect that the FOMC is going to soon be in a situation where it is necessary to cut rates," Yellen saild, noting that the strength of the labor market gives her succor.

She added that she still expects factors holding down inflation to be transitory.

Uncertainty over interest rates had hit bank stocks in recent days. Banking stocks were up, led by Citigroup. Goldman Sachs, up 1.3 percent, gave the biggest boost to the Dow. The S&P financial sector was up nearly 1 percent.

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