Let the second day of Congressional grilling begin.
The guy behind her is already drifting off
Here are the highlights from her speech. The line that got the most attention was that it would be appropriate to begin raising rates "at some point later this year". The line was a repeat from a speech last week.
More:
- Exports being held down by dollar, weak growth abroad
- FOMC expects growth to strengthen over rest of 2015
- Spending has picked up, May and June car sales strong
- Some job market slack remains, not yet full employment
- Large banks have low direct exposure to Greece
- Pace of tightening more important than liftoff timing
- US economy may 'snap back' faster as headwinds fade
- Foreign development poses 'some risks' to US growth
Yellen could answer questions for 10 days without saying anything market moving so expectations for excitement are pretty low.
Here were some highlights from Day 1 Q&A:
- Yellen: Monetary policy shouldn't follow a simple rule
- Yellen's not sure what is happening with liquidity in the bond market
- Yellen says Fed to hike this year, Gundlach says she won't
- Yellen: The Fed has made substantial progress in the labour market
- Yellen: US faces serious debt problems in the years ahead
