Yellen comments to reporters

  • Some of the FOMC members have been factoring in tax bill stimulus for some time, so changes in forecasts don't reflect an assessment of tax bill
  • Sees 'modest lift' to growth from tax bill
  • FOMC members generally see boost to consumer spending and capital spending from tax bill
  • There is uncertainty about what's holding inflation down, but majority of colleagues think it's temporary
  • There has been a prolonged shortfall in meeting inflation target
  • Slow pace of wage gains reflect low productivity growth
  • We are in the vicinity of full employment