Yellen Testimony: With gradual adjustments in the stance of monpol, economy will continue to expand
Below are the key headlines from the Federal Reserve Chairwoman Janet Yellen's prepared testimony speech before the Joint Economic Committee, U.S. Congress, Washington, D.C.
The U.S. economy has strengthened further this year.
17 million more Americans are employed now than eight years ago.
Meanwhile, the unemployment rate, which stood at 4.1 percent in October, has fallen 0.6 percentage point since the turn of the year.
U.S. inflation-adjusted gross domestic product (GDP) is currently estimated to have increased at a 3 percent pace in both the second and third quarters.
I expect that, with gradual adjustments in the stance of monetary policy, the economy will continue to expand and the job market will strengthen somewhat further.
We continue to expect that gradual increases in the federal funds rate will be appropriate to sustain a healthy labor market and stabilize inflation around the FOMC's 2 percent objective.
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About Janet Yellen
Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.