Federal Reserve Chair Janet Yellen served as the lone witness in a House Financial Services Committee hearing on Wednesday. In the semiannual report to Congress, Yellen was questioned about the highly anticipated rate increase, among other topics such the overall state of the economy, inflation, employment, and monetary policy. She maintained her position on the uncertainty of the rate increase until further economic improvement occurs.
Chair Yellen updated the Committee on the progress of the economy toward meeting the four benchmarks for the economy as set by the Humphrey Hawkins Act of 1978: full employment, growth in production, price stability, and balance of trade and budget. Although Federal Reserve officials determined that economic activity is expanding moderately and job gains are increasing, the federal funds rate will remain the same at a target range of 0 to one-fourth percent.
Bank of America reported a net income of $5.3 billion for Q2, more than twice the bank's net income from the same quarter in 2014, according to the bank's Q2 2015 earning statement released Tuesday. U.S. Bancorp and PNC also posted solid growth in Q2 with net incomes of $1.48 billion and $1 billion, respectively, Tuesday in their earnings statements.