Highlights of the opening statement from Fed Chair Janet Yellen

• Changes in tax policy will likely provide some lift in growth, the magnitude and timing is uncertain
• Household spending has picked up
• Steady participation rate is a sign of improved labor market
• We expect job market to remain strong
• FOMC expects sustained job creation and rising wages
• The pace of job gains will moderate over time as we reduce the degree of accommodation
• Inflation softness reflects transitory developments
• We are prepared to adjust monetary policy as needed
• We still expect gradual rates to be warranted
• This rate is still 'somewhat' below netural but would not have to rise much further to get to neutral
• Additional likes likely appropriate 'over next few years'