Yellen Says Recovery in Labor Market Far From Complete
By Joshua Zumbrun and Jeff Kearns Feb 11, 2014 12:08 PM ET -
Feb. 11 (Bloomberg) -- Federal Reserve Chairman Janet Yellen says policy makers should take time to assess the health of the U.S. labor market and "not jump to conclusions" after reports showed lower-than-forecast payrolls growth in December and January. Yellen, responding to questions before the House Financial Services Committee in Washington, said a "notable change in the outlook" may prompt the Fed to consider pausing its bond-purchase tapering.
Federal Reserve Chairman Janet Yellen pledged to maintain her predecessor’s policies by scaling back stimulus in “measured steps” and signaled that the bar is high for a change in that plan.
Only a “notable change in the outlook” for the economy would prompt policy makers to slow the pace of tapering, Yellen said in response to a question today during testimony to the House Financial Services Committee. “It’s important for us to take our time to assess” the significance of recent reports showing payrolls expanded less than projected, she said.
Yellen, delivering her first public remarks as Fed chairman, said financial-market turmoil doesn’t pose a major risk to the outlook for the U.S. economy and repeated the Fed’s statement that asset purchases aren’t on a “pre-set course.”
While growth has picked up, “the recovery in the labor market is far from complete,” Yellen said earlier in prepared remarks. “I am committed to achieving both parts of our dual mandate: helping the economy return to full employment and returning inflation to 2 percent while ensuring that it does not run persistently above or below that level.”
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http://www.bloomberg.com/news/2014-02-11/yellen-says-recovery-in-u-s-labor-market-is-far-from-complete-.html
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