US Federal Reserve Chair Janet Yellen says the central bank is going to remain patient when it comes to potentially raising interest rates.
She's suggesting this is because the job market in the US is still healing.
Yellen also contends inflation remains too low.
At the same time, she's also warning of weaknesses abroad, specifically pointing to the slowdown here in China.
In her semi-annual testimony before Congress, Yellen says the word "patient" means a rate hike is unlikely for at least the next two meetings of the Fed's Open Market Committee.
"The FOMC's assessment that it can be patient in beginning to normalize policy means that the Committee considers it unlikely that economic conditions will warrant an increase in the target range for the federal funds rate for at least the next couple of FOMC meetings. If economic conditions continue to improve, as the Committee anticipates, the Committee will at some point begin considering an increase in the target range for the federal funds rate on a meeting-by-meeting basis."
US markets have rallied on her comments, with the Dow Jones Industrial Average and the S&P 500 both hitting fresh highs.
Interest rates in the United States have been near zero since 2008.
