Yellen: Fed's 'extraordinary' aid to last for some time - MarketWatch
Federal Reserve Chairwoman Janet Yellen said Monday that the recovery
still feels like a recession to many Americans, which is why the central
bank will keep its "extraordinary" support for the economy for "some
time to come." In a speech to a Chicago community reinvestment
conference, Yellen also provided evidence why there's still slack in the
jobs market, and weighed in on the hot issue of why the participation
rate is so low. The speech may come as a bit newsier than the market
expected. Yellen expanded on the reasons she believes there are
significant more people willing and capable to filling a job than there
are jobs for them. "For the many reasons I have noted today, 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," Yellen said. As for the tapering of bond purchases, are "a
judgment that recent progress in the labor market means our aid for the
recovery need not grow as quickly."
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