Federal Reserve Chair
In her semi-annual report before the
Some of the weakening, she said, "may be related to adverse weather" but the Fed "will be attentive" to other economic signposts to see if the economy "is progressing in line with our expectations."
In the House hearing, Yellen said the Fed remained on course to continue tapering its economic stimulus program despite weak job growth in December and January. She suggested much of the slowing appeared to be due to severe winter weather.
Since her testimony on
In an effort to hold down interest rates and spur growth, the Fed is now buying
"If there is a significant change in the outlook, certainly we would be open to reconsidering" that plan, she said. Yellen added that it will take "some years" before the economy returns to normal.
At the same time, some Fed policymakers worry that the Fed's bond purchases are raising the risks of asset bubbles by driving money to riskier, higher-yielding investments.
Yellen on Thursday voiced some concerns that such market froth may be forming.
"At this stage, broadly I don't see concerns" about asset bubbles "but there are pockets, a few things" that Fed policymakers are monitoring. She cited deteriorating underwriting standards for some loans and rising farmland prices.
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