Yellen Cautious about Rate Hike amid Positive Economic Growth

Federal Reserve Chair Janet Yellen told the Senate Banking Committee today the Fed is pleased with economic improvement. "Domestic spending in production has been increasing at a solid rate. Real gross domestic product has now estimated to have increased at a 3.75% annual rate during the second half of last year." It was not what you'd call a rousing endorsement of progress — and Yellen indicated the Fed's in no hurry to start raising interest rates, as we hear from New York Times reporter Binjamin Appelbaum.