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