Federal Reserve Chairwoman Janet Yellen said bad weather might explain the patch of soft economic data making headlines during the past few weeks, but she isn’t quite sure.
The Fed’s uncertainty on the matter likely puts its easy-money policies on cruise control, meaning continued reductions in monthly bond purchases unless the weak data persist and change the officials’ view about the economic outlook.
“A number of data releases have pointed to softer spending than analysts had expected,” Ms. Yellen told members of the Senate Banking Committee on Thursday. “That may reflect in part adverse weather conditions, but at this point it is difficult to discern exactly how much.”
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