Fed Chair Janet Yellen speech highlights July 10 2015:
- Unanticipated developments could delay or accelerate the first step
- Economic, inflation outlook highly uncertain
- First rate hike itself will only have a 'very small effect' on the level of monetary accommodation
- Some Q1 weakness appears to be from transitory factors
- Improving jobs market should boost household spending; fiscal drags waning
- Sees 'moderate' economic growth for the rest of 2015, but outlook is uncertain
- Restraint in business investment, housing sector could slow economic growth
- Sees pickup in growth in coming years, unemployment rate to fall further
- Expect inflation to move toward 2% goal over next few years
- Unemployment rate probably does not fully capture extent of labor market slack
- Drag on economy from dollar and oil prices to abate
- Expects pace of tightening to be gradual
- Sees some tentative signs of a pickup in wage gains
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