by Terence P. Jeffrey, CNS News:
Janet Yellen, the chairman of the Board of Governors of the Federal Reserve System, told the Joint Economic Committee of Congress today that she expects the economy to grow faster this year than it did last year even though real Gross Domestic Product is currently estimated to have grown at an annual rate of only 0.1 percent in the first quarter.
That absence of economic growth at the beginning of this year, Yellen said, can be blamed to some degree on the weather—and she was not talking about global warming.
“The economy has continued to recover from the steep recession of 2008 and 2009,” Yellen said in her opening statement. “Real gross domestic product growth stepped up to an average annual rate of about 3 and a quarter percent over the second half of the year, a faster pace than in the first half and the preceding two years.
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