In cautious testimony, Fed’s Yellen Speaks

Posted by Reuters

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Fed’s Yellen says labor recovery far from complete.

Yellen said on Tuesday the labor market recovery is “far from complete” despite a drop in unemployment, yet she said the U.S. central bank expects to continue trimming policy stimulus in measured steps due to broader improvements in the economy.

In her first public comments as Fed chief, Yellen, giving a balanced testimony to a House committee, nodded to the recent volatility in global financial markets, but said at this stage it does “not pose a substantial risk to the U.S. economic outlook.”

She emphasized continuity in the Fed’s approach to policy, saying she strongly supports the approach driven by her predecessor, Ben Bernanke. – more HERE