The Latest: Fed sees 'modest lift' to growth from tax cuts

WASHINGTON (AP) — The Latest on the Federal Reserve's monetary policy meeting (all times local):

3:05 p.m.

Federal Reserve Chair Janet Yellen says that she and her colleagues expect a "modest lift" to economic growth from the tax cuts being proposed by President Donald Trump and Republican lawmakers.

Yellen said at a news conference the likelihood of lower taxes is why Fed officials expect the economy to grow at 2.5 percent in 2018. But growth would then slip back closer to its recent 2 percent average.

She said the potential for greater consumer spending and capital investments from tax cuts have been reflected in part by rising stock prices.