Opening statement from Yellen
- Wage growth yet to show sustained pickup
- With gradual rate rises, economy will grow
- Inflation expected to rise to 2% over next 2-3 years
- Remains to be seen if firmer core inflation sustainable
- Weak business investment partly reflects oil drilling
- GDP forecasts a touch lower than Dec
- Labor force participation rate has turned up noticeably
- Still room for improvement in labor market
- Economic growth abroad appears to be running at a somewhat slower pace than previously expected
- Foreign developments haven't caused material chances to outlook
- Lower market expectations for rate hikes have effectively eased
- Proceeding cautiously lets Fed verify jobs strength
- Rates likely to stay for some time below long-run level
- Considerable uncertainty around neutral rate over time
- Achieving goals will likely require a somewhat lower path of rates than anticipated in December
