Federal Reserve Chairwoman Janet Yellen pointed to an improving US job market, but was non-committal about how this progress would affect monetary policy in a speech before global central bankers at an economic symposium here. "The economy has made considerable progress in recovering from the largest and most sustained loss of employment in the United States since the Great Depression," she said remarks prepared for delivery Friday here. "These developments are encouraging, but it speaks to the depth of the damage that, five years after the end of the recession, the labor market has yet to fully recover.
However her comments made clear that she isn't ready to move, in part because she is grappling for answers to questions about puzzling labor markets scrambled by the 2008 financial crisis. "There is no simple recipe for appropriate policy in this context," Ms Yellen said. "Monetary policy ultimately must be conducted in a pragmatic manner that relies not on any particular indicator or model, but instead reflects an ongoing assessment of a wide range of information in the context of our ever-evolving understanding of the economy.
Read more here: Business Spectator