Fed didn’t cause stock market volatility, Yellen says

The Federal Reserve’s first interest-rate increase in nine years isn’t the reason markets are volatile, says Janet Yellen, head of the central bank. The increase had little effect on markets because investors expected it, she told the Senate banking committee. Oil prices and the value of China’s currency are driving the turmoil, Yellen said. Yellen also faced questions about major banks’ “living wills” and the Fed’s stress tests.