Yellen predicts growth of just more than 2 percent - WLOX.com - The News for South Mississippi

Yellen predicts growth of just more than 2 percent

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Federal Reserve Board Chairman Janet Yellen predicts moderate economic growth worldwide. (Source: CBS) Federal Reserve Board Chairman Janet Yellen predicts moderate economic growth worldwide. (Source: CBS)

WASHINGTON, DC (CBS) - Federal Reserve Board Chairman Janet Yellen laid out a fairly upbeat economic outlook on Wednesday at the end of two days of meetings of the Open Market Committee.

The Fed predicts the U.S. economy will expand 2.1 to 2.3 percent this year, which is slower growth than predicted in March.

But, Yellen said, the economy is rebounding from a bad winter, and as a result the Fed will reduce its monthly bond purchase to $35 billion starting in July. That is a $10 billion reduction.

Yellen also predicted moderate growth in the global economy overall despite problem areas such as Iraq and Ukraine.

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