Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from Congress members with the key quotes, via Reuters, found below:
- Balance sheet normalization should begin "relatively soon"
- Part of inflation weakness is transitory
- Intends to serve out term, hasn't had further thought on another term
- As asset prices have moved up, have not seen a substantial increase in borrowing
- Banking system is well-capitalized and strong, resilient
Key Notes:
Fed's Yellen testimony: Balance sheet reduction will likely begin this year
In her testimony, Yellen noted that provided the economy evolves broadly as anticipated, the Committee will likely begin to implement the program this year. Read more
EUR/USD spikes, then retreats sharply on Yellen headlines
The EUR/USD pair quickly reversed a knee-jerk fall and spiked over 50-pips from lows following the release of the text of the Fed Chair Janet Yellen's upcoming testimony.Read more
About Janet Yellen
Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.
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