In her recent speeches at the City Club of Cleveland, Ohio (on 10 July 2015) and at the semiannual testimony before the US Congress (on 15 July 2015), Federal Reserve (Fed) Chair Janet Yellen reiterated that a rate increase—“lift-off” in market parlance — is likely this year, while also stressing yet again that this decision will be data-dependent. According to Yellen, the labour market, one of the two focal points of Fed policy, remains weak as high levels of part-time work and low labour force participation rates persist.
