"If economic conditions continue to improve, as the Committee anticipates, the Committee will at some point begin considering an increase in the target range for the federal funds rate on a meeting-by-meeting basis. Before then, the Committee will change its forward guidance," she said.
In addition to her generally dovish remarks on rates, Yellen struck a politically vigilant tone when asked about a move in Congress, pushed in large part by Sen. Rand Paul, a likely Republican presidential candidate in 2016, to audit the Fed.
"I strongly oppose audit the Fed," she said.
Her remarks otherwise vacillated between broad-scale discussions on the path of rates to more granular issues of Fed parliamentary procedures....
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Investors, though, were mostly looking for clarity on the big questions.
While Wall Street expects the Fed to hike rates mid-year, investors will be paying close attention to Yellen's statement and following question-and-answer session with Congress for guidance on the timing of a potential hike. Currently, the Fed pegs the targeted range for the federal funds rate at 0 to 0.25 percent.
http://www.cnbc.com/id/102447413
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