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.