The economy is in a sustained period of expansion, but its strength and durability remains uncertain, according to Federal Reserve Bank of San Francisco president and chief executive officer Janet Yellen.

“The economy’s return to growth after a year and a half of recession marks a major turn and it looks like more than a flash in the pan,” Yellen said in remarks to the Phoenix Chapter of Lambda Alpha International yesterday, according to prepared text of her speech released by the Fed. “It seems to me that the economy has entered a sustained period of expansion.”

Yellen added that “at some point, of course, we will have to tighten policy — and we certainly have the means and the will to do so.”

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