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Median incomes in America are on the rise. What will be the response of a Federal Reserve Board with vacancies?

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Janet Yellen (Courtesy of CNN)

Unemployment is down, the stock market is up and the Federal Reserve raises interest rates. Just how strong is the American economy? Two Chicago economists take stock of what’s in store for 2017. 

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Federal Reserve Chair Janet Yellen said the Fed may start  raising rates around six months after quantitative easing—ahead of what experts were expecting. We take a closer look at how the markets react to her comments at her first live press conference, and how her first policy meeting may affect the economy. Read an article, watch Yellen’s full press conference, and read a transcript of her remarks.

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The U.S. Federal Reserve is expected to scale back its $85 billion a month bond-buying program. As Fed policymakers convene this week, financial insiders speculate what the timetable for a stimulus wind-down could look like. We talk with two Chicago economists about the stimulus program and what federal tapering means for businesses and consumers. Read an interview.

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The Federal Reserve will continue propping up the economy, saying Washington is to blame for impeding economic growth. We hear from economists about the prospects of improvement as the nation heads toward its next fiscal deadlines.

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Though the worst predictions about the sequestration -- such as severe unemployment benefit cuts, hour-long waits at airports, and four-hour waits at border crossings -- have not come true, other sectors have not been spared. Learn more about the impact of sequestration from two economists.

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Fed Chairman Ben Bernanke warns about a so-called fiscal cliff the nation is facing on January 2. We take up the automatic budget cuts some think could lead to a new recession.

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Last week the Dow hit a three-year high and the unemployment rate dropped for the fifth straight month. Has the economy turned the corner? We turn to some Chicago economists for answers.

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First Greece, now Italy. The Italian economic crisis has put the country on the brink of default on its massive debt, and the colorful Italian prime minister may be one of the casualties. Eddie Arruza and his panel look at how events in Europe are impacting things on this side of the Atlantic.