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

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.