Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the Senate Banking Committee members with the key quotes, via Reuters, found below:
- Prepared to act against Wells Fargo board members if investigation deems it is appropriate
- Will be 'quite challenging' for u.s. to reach 3 percent economic growth over the next few years
- General agreement there are some 'distortions' in corporate tax code that could be changed to improve productivity
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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