â€œLet me emphasize that I expect a great deal of continuity in the Federal Open Market Committeeâ€™s approach to monetary policy,â€ Yellen said in remarks prepared for a hearing of the House Financial Services Committee.
â€œI served on the Federal Open Market Committee as we formulated our current policy strategy and I strongly support that strategy,â€ Yellen said.
Indeed, Yellenâ€™s prepared remarks closely tracked the language of the Fedâ€™s last policy statement. She said that the central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected, although the pullback was not on a preset course. The Fedâ€™s decisions about the pace of tapering are data dependent, she added.
She added the Fed plans to hold short-term interest rates at zero â€œwell pastâ€ the time the jobless rate falls below 6.5%.
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