Yellen: Rise In U.S. Inequality Is Of Great Concern

MarketWatch Pulse

The recent sustained rise in inequality in the U.S. is of great concern, Federal Reserve Chairwoman Janet Yellen said Friday. In a speech to a conference in Boston, Yellen did not attempt to answer the "difficult questions" of how to promote equal opportunity. Instead, she used the Fed's recent survey of consumer finances, a measure of the income, wealth and debt for 6,000 U.S. households conducted in 2013, to "provide a factual basis for further discussion." Two steps to greater income - college and owning a business - were now uncertain, she said. College costs are making it hard for young people to obtain a degree and it is harder to start a business, she said. Yellen's prepared remarks did not address the economic outlook or the recent financial market volatility.

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