The US housing market slowdown poses a fresh risk to growth in the world’s largest economy, Federal Reserve chairwoman Janet Yellen has warned in testimony to Congress.
Ms Yellen said the Fed’s otherwise optimistic outlook could be undermined if disappointing housing activity continued for the rest of the year.
Her remarks suggest the Fed still sees significant economic threats, despite encouraging data such as April’s jobs growth of 288,000, and will keep slowing its asset purchases at the modest pace of $10bn per meeting.
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