Fed Chair Janet Yellen speech highlights July 10 2015:

  • Unanticipated developments could delay or accelerate the first step
  • Economic, inflation outlook highly uncertain
  • First rate hike itself will only have a 'very small effect' on the level of monetary accommodation
  • Some Q1 weakness appears to be from transitory factors
  • Improving jobs market should boost household spending; fiscal drags waning
  • Sees 'moderate' economic growth for the rest of 2015, but outlook is uncertain
  • Restraint in business investment, housing sector could slow economic growth
  • Sees pickup in growth in coming years, unemployment rate to fall further
  • Expect inflation to move toward 2% goal over next few years
  • Unemployment rate probably does not fully capture extent of labor market slack
  • Drag on economy from dollar and oil prices to abate
  • Expects pace of tightening to be gradual
  • Sees some tentative signs of a pickup in wage gains
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