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Fed's Yellen says U.S. recovery incomplete, defends loose policy

Tuesday, July 15, 2014 - 01:07

Federal Reserve Chair Janet Yellen says U.S. economic recovery remains incomplete, with a still-ailing job market and stagnant wages justifying loose monetary policy for foreseeable future. Rough Cut (no reporter narration).

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ROUGH CUT (NO REPORTER NARRATION) STORY: The U.S. economic recovery remains incomplete, with a still-ailing job market and stagnant wages justifying loose monetary policy for the foreseeable future, Federal Reserve Chair Janet Yellen told a Senate committee on Tuesday. In a strong defense of the central bank's current stance, Yellen said that early signs of a pickup in inflation aren't enough for the Fed to accelerate its plans for raising interest rates, a move currently expected in the middle of next year. That could change, with interest rates rising sooner and faster, if data show labor markets improving more quickly than expected, she said. But as it stands, "although the economy continues to improve, the recovery is not yet complete," Yellen said in semi-annual testimony before the Senate Banking Committee, repeating her focus on lagging labor force participation and weak wage growth as key to any conclusions about the economy's health. The Fed faces a complex agenda as it weans the U.S. economy from the massive stimulus programs put in place to fight the financial crisis. Economic data has kept Fed policymakers relatively upbeat that the economy will make steady progress towards the central bank's goals.

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