Yellen: Challenges Remain That Monetary Policy Can't Fix

Although the economy and labor market continue improving, challenges remain, and monetary policy may not be the answer, Federal Reserve Board Chair Janet Yellen said Tuesday.

"[W]hile the economy overall is recovering and the job market has improved substantially since the recession, pockets of persistently high unemployment, as well as other challenges, remain," she told a conference in Washington, D.C., according to prepared text released by the Fed.

Workforce development programs "can help address these challenges in more targeted ways than the Federal Reserve is equipped to do through monetary policy."

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