Fed Chair Yellen: The 'considerable time' statement remains appropriate, the committee remains comfortable with it, is highly conditional on economic data - Q&A
- There has been little change in the overall economic assestment since the June meeting
- Reiterates there is no mechanical interpretation of what 'considerable time' means, reiterates interpretation will be data dependent
- Not fair to describe Fed's forward guidance as being calendar based
- Projected path of labor market is only partly dependent on the growth outlook
- There is relatively little upward movement in the interest rate path
- Slow pace of wage increases reflects slack in the labor market
- The recovery has been slower over the past five years than prior recoveries
- It is not clear that there is a gap between market expectations of future rates and Fed expectations