Yellen responds to audience questions:
- Loose policy should only be ended gradually
- Yellen says that headwinds
- If she could only choose one employment indicator, she would choose the unemployment rate (but adds that she doesn't have to pick just one)
- By some measures economy has already gone beyond maximum sustainable employment
- Loose policy should only be ended gradually
- Her own view is 'a little more slack' in employment than 5.3% unemployment shows
- Slow wage growth consistent with notion of slack in labor market
- Headwinds that have held back recovery are receding, but is happening gradually
Yellen July 10, 2015