Yellen answers questions
- "The shifts that you see here are really very tiny"
- Some participants incorporated a change in fiscal policy in forecasts
- It's too early to judge how monetary policy will affect the outlook
- Won't speculate on Fed's response to govt policy until it has details
- One reason for low neutral rate is due to weak productivity growth
- Rate hike is a vote of confidence in the economy
- "I do not just that we are behind the curve"
- No mechanical rule on when to shrink balance sheet
There wasn't anything to grab headlines in the press conference. Overall, it was a dull appearance. If the dot plot hadn't edged up, there wouldn't be much to write about.
