- Supporting economic recovery is surest path back to more normal monetary policy
- Economy, jobs performing short of potential
- Jobless rate too high
- Fed has made significant progress towards goals but has more work to do
- Strongly supports Fed commitment to transparency
- Fed taking financial stability goal into consideration when conducting monetary policy
- Inflation is expected to run below Fed’s 2% goal for some time
Here’s the full text of her speech before the confirmation hearing
I’ll have a recap of her speech soon, but these are the main headline points. And no surprises here, its pretty much a near seamless transition from Bernanke, no? Difficult to see where Bernanke would have put it any differently.
Stocks, equity derivatives, higher in the after hours, USD weakens a little.
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ADDED:
Here are some more of the responses/reactions to Yellen’s speech:
Market watchers taking liberties with Yellen’s speech
