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September 22, 2014

Fed: $400 expense would rattle most U.S. families

  • Fed Chair Janet Yellen said a new survey found that an unexpected expense of $400 would force most families to borrow, sell something or simply not pay.

    • WASHINGTON (AP) — The Great Recession showed that a large number of American families are “extraordinarily vulnerable” to financial setbacks because they have few assets to fall back on, Federal Reserve Chair Janet Yellen said Thursday

    Yellen said a Fed survey found that an unexpected expense of just $400 would force the majority of American families to borrow money, sell something or simply not pay.


     
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