Global stocks remained firm on Tuesday if slightly down from earlier highs as the new Federal Reserve chief
Though cautioning that the US labour market recovery is "far from complete," she said she plans to press ahead with current plans to trim bond from
"The two key takeaways from Yellen's first congressional testimony on monetary policy is that neither the recent drop off in the pace of employment growth nor the turmoil in emerging markets will prevent the FOMC from continuing to gradually wind down its monthly asset purchases," said
The stimulus, in its various guises, has helped shore up a number of financial assets over the past few years, notably stocks and emerging market currencies.
Its withdrawal has the potential to raise volatility in the markets as recent events in the emerging world have indicated.
In the US, the Dow Jones industrial average was up 0.1 per cent at 15,832 while the broader S&P 500 index rose the same rate to 1,802.
The dollar firmed modestly following her comments, and the euro was trading 0.1 per cent lower at
Yellen will likely remain the focus in the markets as lawmakers quiz her on a whole range of issues.
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