Speaking in Washington

Yellen adds:

  • market volatility reflects uncertainty on trade, rates
  • worried by buildup in nonfinancial corporate debt
  • not seeing financial trends that spell end of expansion
  • Fed is trying to take its foot off the accelerator
  • at least a couple more rate hikes necessary
  • worried about the risk of an overheating economy
  • labor market by any measure is very tight
  • financial conditions still easy despite market correct
  • inflation may pick up if labor market continues to tighten
  • important that the Fed be forward looking
  • 2019 growth could be bit slower but still above trend
  • don't feel inflationary pressures building very rapidly
  • don't love low growth but don't want overheating economy

Not going out on a limb with these comments (mostly in line with the current Fed) from the former Fed Chair.