Highlights as Yellen is grilled in the Senate
- We're not relying much on forward guidance now
- Fed projections are not in any way a commitment
- In recent months the Fed has used less forward guidance
- (on jobs) important not to overreact to on report
- Want to ensure economy on good path before raising rates
- Given inflation remains low, Fed can watch developments
- We expect an improved economy but the outlook is uncertain
- Persistent low rates have been essential for economy
- I don't think risks to financial stability are elevated
- Credit growth has picked up but it's not at worrisome levels
- Brexit vote something we're carefully monitoring
- It's very important to monitor that job-market gains are broad
- US has disappointingly low productivity growth
I'll update the headlines as she speaks.