Yellen issues a vote of confidence in the U.S. economy

Federal Reserve Chairwoman Janet Yellen issued a vote of confidence in the U.S. economy Wednesday, saying she sees the fundamentals of the economy as strong and doesn't foresee a recession on the horizon.

"I feel confident about the fundamentals," Yellen said at a press conference following the Fed's announcement Wednesday that it would raise interest rates a quarter point from zero. She later added that she doesn't "see anything in the underlying strength of the economy that would lead me to be concerned" about a looming recession.

At 78 months, the economic expansion is much longer than the postwar average of 58 months. That fact alone, however, doesn't worry Yellen. "I think it's a myth that expansions die of old age," she said.

Yellen said the decision by the Fed to raise interest rates Wednesday was a reflection of the improvement in the economy, stating that the recovery to near-full health is real even if uneven across regions and industries.

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