Federal Reserve Chair Janet Yellen said the U.S. is on track for more interest rate hikes and brushed off last week's dismal May jobs numbers, but didn't provide any clues on the timing of the next liftoff, according to a speech on Monday in Philadelphia. 'I continue to think that the federal funds rate will probably need to rise gradually over time to ensure price stability and maximum sustainable employment in the longer run,' she said. Yellen also downplayed last week's dismal May jobs report. The economy created only 38,000 jobs in May, missing estimates of 158,000. 'Although this recent labor market report was, on balance, concerning, let me emphasize that one should never attach too much significance to any single monthly report. Other timely indicators from the labor market have been more positive.' TheStreet's Scott Gamm reports from Wall Street.
TheStreet’s Fundamentals of Investing Course will teach you the keys to making the right decisions in any market.
TheStreet’s Personal Finance Essentials Course will teach you money management basics and investing strategies to help you avoid major financial pitfalls.
TheStreet Courses offers dedicated classes designed to improve your investing skills, stock market knowledge and money management capabilities.
More from Video
Jim Cramer: Why Investors Should Listen to Earnings Calls
Investors may be making some critical mistakes when it comes to earnings calls. Here's what Jim Cramer advises investors to be cautious about.
Jeep Unveils Gladiator Pickup Truck at New York Auto Show
The all-new 2020 Jeep Gladiator is a pickup truck version of the famous-since-1941 Jeep Wrangler. It's also this year's vehicle -- the Motor Trend SUV of the Year.
Jim Cramer: How to Play Pinterest on the Second Day of Trading
The unicorn Pinterest makes its debut at the New York Stock Exchange. Watch the video from TheStreet's Cramer Live to find out why investors should be careful with this 'happy stock'.
Jim Cramer Breaks Down Danaher, Honeywell, Schlumberger Earnings
Danaher, Honeywell, Schlumberger and an earnings parade moved the markets today. TheStreet's Jim Cramer breaks down what it all means for investors.