Yellen Sees Only Gradual Rate Hikes, Mum On April

(RTTNews) - The Federal Reserve anticipates that only gradual increases in the federal funds rate are likely to be warranted in coming years, the nation's top central banker said Tuesday.

Fed Chair Janet Yellen, in a speech to the Economic Club of New York, ackowledged it is 'too early' to say if pickup in core inflation will prove durable.

Given the risks to the outlook due to global problems, "I consider it appropriate for the Committee to proceed cautiously in adjusting policy," she said.

Although some Fed officials have hinted that an April rate hike is possible, Yellen did not specify a month for when the Fed could lift interest rates.