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WASHINGTON (MNI) - The following is a response of Federal Reserve Chairman
Janet Yellen to a question from a reporter at her press conference following
Wednesday's Federal Open Market Committee meeting.
Question from :
You have mentioned that the committee thinks there will be wage increases
next year. I'm wondering if you could clarify if that is coming in parts or
mostly from the changes to the tax plan, is that what the expectation is would
drive the wage increases?
Generally, in the strong labor market where many firms are having
difficulty finding qualified workers, we would expect just through normal demand
and supply channels to see some upward pressure on wage growth over time. And as
the labor market is tightened, we have seen some very gradual drift upward in
wage gains. It remains at a low level but would expect in the context of an
ongoing strong labor market to see some upward pressure, and I believe that is
the main thing that my colleagues are factoring in.
--MNI Washington Bureau; +1 202-371-2121; email: email@example.com