The Federal Reserve's "extraordinary commitment" to help the U.S. recover from the Great Recession will be needed "for some time to come," Fed Chair Janet Yellen reiterated Monday.
The Fed has undertaken many programs to get the economy back on track. These efforts, "represent an unprecedentedly large and sustained commitment by the Fed to do what is necessary to help our nation recover from the Great Recession," Yellen told a conference in Chicago, according to prepared text of her remarks, released by the Fed.
"I think this extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policymakers at the Fed," she said.
The wind down of QE3 is "not a lessening of this commitment, only a judgment that recent progress in the labor market means our aid for the recovery need not grow as quickly," Yellen noted.
