Federal Reserve Board Chair Janet Yellen told Congress she expects to "continuity" in the Federal Open Market Committee's policy and she "strongly" supports the strategy, which she helped to craft as a member of the panel.
"Let me emphasize that I expect a great deal of continuity in the FOMC's approach to monetary policy," Yellen testified before a House committee, according to prepared text released by the Fed. "I served on the Committee as we formulated our current policy strategy and I strongly support that strategy, which is designed to fulfill the Federal Reserve's statutory mandate of maximum employment and price stability."
The plan, she said was to continue cutting the pace of asset purchases in "measured steps," it data show labor market progress and inflation continues to move toward 2%.
"I am committed to achieving both parts of our dual mandate: helping the economy return to full employment and returning inflation to 2 percent while ensuring that it does not run persistently above or below that level," Yellen said.
