The strengthening of the U.S. economy was characterized as an achievable goal, by Federal Reserve president Janet Yellen. The main characteristics of this will be full employment and stable prices.

Addressing the Economic Club of New York, Yellen estimated that the goal can be achieved by the end of 2016. Thus, the foundations for a stronger economy in a decade, will have been set.

In her speech, Yellen mentioned that the goal for unemployment is set at 6.7%, and inflation at 2%. In order for there to be an increase in zero interest rates, the figures for unemployment and inflation must converge with the Fed’s objectives.

Moreover, the Fed chairman stated that, to some extent, the low inflation rate appears to be due to temporary factors, including lower energy prices. Besides, according to this basic scenario, inflation is likely to move gradually towards the central bank’s objective.