Fed's speed of future rate hikes to depend on price level

Fed Chair Janet Yellen will express her view on the US economic outlook before the Joint Economic Committee of Congress. Analysts are expecting a careful decision from the Feda and very slow pace in further rate hikes.

The Fed president indicated that  the speed of future rate hikes would be based on the "actual progress" of price level towards the Fed's inflation target. 

"However, as far as the rate hike in December is concerned what always mattered to her was that the FOMC was "reasonably confident" that inflation would reach its target medium term. The first rate step is coming, after that the Fed can and will take its time with further rate steps and not rush into anything as Yellen indicates", says Commerzbank.