Fed's Janet Yellen FOMC press conference
- Rate hikes will depend on data
- Today's change to guidance doesn't mean we have decided on timing of rise
- Removing patient doesn't mean we will be impatient
- Policy will remain highly accommodative even after initial hike
- Pace of jobs growth has remained strong
- Sees continued progress to full employment
- Broader jobs measures have also improved
- Slack in labour market continues to diminish
- Wage growth remains sluggish
- Some cyclicle weakness persists
- Continue to expect sufficient strength in growth to support labour market
- Real GDP slowed in Q1
- Housing sector recovery is subdued
- Export growth looks to have weakened
- Declining import prices have restrained inflation
- Expects moderate pace of GDP growth
- Doesn't rule out June rate hike
- Unlikely economic conditions will warrant an April hike
- Patient meant unlikely to raise rates for next couple of meetings
- FOMC members see rates running lower than normal in future because of constrained credit
- Actual policy actions will be data dependant
- If expansion more vigorous than expected rate path will be steeper, conditions weaker then trajectory will be lower and less steep
- Strong dollar is one factor for growth downgrade for this year
