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Yellen Stands by Fed Strategy

Wall Street Journal (11/14/13) Jon Hilsenrath; Victoria McGrane

U.S. Federal Reserve Vice Chairman Janet Yellen yesterday told members of the Senate Banking Committee that if she succeeds Ben Bernanke as chairman of the central bank, she would continue with plans to wind down the Fed’s $85 billion-a-month bond-buying program if the economy improves. However, “There is no set time,” for the tapering to begin, she said.

“We have seen meaningful progress in the labor market,” she said. “What the [Fed] is looking for is signs that we will have growth that’s strong enough to promote continued progress.”