“Janet Yellen says the economy has regained ground lost to the deepest recession since the 1930s. But she says unemployment remains too high at 7.3 percent and notes that the Fed is still trying to accelerate the economy’s recovery.
In testimony prepared for her confirmation hearing Thursday, Yellen said the economy is still performing far below its potential. And she pointed out that inflation is running below the Fed’s 2 percent target.
“For these reasons, the Federal Reserve is using its monetary policy tools to promote a more robust recovery,” Yellen said in her testimony. “I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.”
She said unemployment is “still too high, reflecting a labor market and economy performing far short of their potential.”
Yellen offered no hints that she would deviate from the low-interest rate campaign of the outgoing chairman, Ben Bernake….”Twitter