Fed chairman Yellen comments in New York:
- Repeats expectations for a ‘considerable time’ between end of QE and first rate rise
- Near-zero rates will hinge on distance US remains from employment and inflation goals
- First hike not pased on any one indicator but wage range of info on labor, inflation, financial situation
- FOMC ready to adjust bond purchase pace should outlook change materially
- Change in guidance didn’t mean altered policy path
- Sees bigger chance of inflation under target than over
- Weather caused ‘significant part’ of recent softness
There isn’t much new here and markets aren’t doing much. It strikes me as slightly dovish, if anything.
Reuters has live video of Yellen.
She will take questions later.
