(Reuters) – Unusually harsh winter weather appears to be behind recent signs of weakness in the U.S. economy, Federal Reserve Chair Janet Yellen said on Thursday, suggesting the central bank was poised to press forward in ratcheting back its stimulus.
Testifying to the Senate Banking Committee, Yellen said the Fed would watch carefully to ensure weather was indeed the culprit, but she reiterated that it would take a “significant change” to the economy’s prospects for the Fed to put plans to wind down its bond-buying program on hold.
(Reuters) – Federal Reserve Chair Janet Yellen said on Thursday the central bank would be on alert to make sure recent signs of weakness in the U.S. economy are due to cold weather and storms, and not signals of a more fundamental slowdown.
“Since my appearance before the House committee, a number of data releases have pointed to softer spending than many analysts have expected,” Yellen, who took the reins at the Fed on February 1, told a Senate Banking Committee hearing, referring to a February 11 testimony.
(Reuters) – A long-serving Federal Reserve policymaker on Wednesday praised the U.S. central bank’s use of both asset purchases and so-called forward guidance on interest rates as effective tools that have helped the U.S. economy recover from recession.
Sandra Pianalto, who is stepping down at the end of May after 10 years as president of the Federal Reserve Bank of Cleveland, also predicted that new Fed Chair Janet Yellen would continue “building consensus and being open-minded” at policy-setting meetings in the years ahead.
#Ukraine accepts resignation of central bank governor Sorkin
Feb 21 (Reuters) – Federal Reserve policymakers, in an
emotional meeting on one of the darkest days of the 2008
financial crisis, were worried the failure of Lehman Brothers a
day earlier would wreak havoc on a teetering financial system
but feared cutting already low interest rates might prove an
Transcripts of the U.S. central bank’s meeting on Sept. 16
of that year, released on Friday, showed then Fed Chairman Ben
Bernanke flatly telling his colleagues he was philosophically
torn about the collapse of the investment bank.