2013 Economic Calendar
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Released On 11/14/2013 10:00:00 AM For 11/14/2013 10:00:00 AM

Fed Vice Chair Janet Yellen (FOMC Voting Member) Confirmation Hearing, Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate in D.C. Washington

In prepared remarks released Wednesday evening, Janet Yellen indicated that monetary policy is likely to remain loose in the near term. "We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession. Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. At the same time, inflation has been running below the Federal Reserve's goal of 2 percent and is expected to continue to do so for some time."

During Q&A, Yellen emphasized that changes in monetary policy are data dependent. She offered somewhat countervailing arguments on pending policy changes. She noted that the Fed should do what it can to ensure a robust recovery and that there are dangers to ending asset purchases too early. The Fed chair nominee also said that QE cannot continue forever as there are inflation risks. She indicated that the Fed has the tools to unwind assets when it is the appropriate time.

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