Yellen says Fed to stay course on taper
WASHINGTON (AFP) - New Federal Reserve chair Janet Yellen said on Monday that she had no plans to change monetary policy from that mapped out by her predecessor Ben Bernanke.
In her first comments on the US central bank's path forward after she took the helm on February 1, Ms Yellen said the Fed would continue to slowly reel in its huge stimulus while keeping a close eye on the labour market, where recovery remains "far from complete".
“I expect a great deal of continuity in the FOMC’s approach to monetary policy,” she told the Financial Services Committee of the US House of Representatives, referring to the Fed’s policy body, the Federal Open Market Committee.
“I served on the committee as we formulated our current policy strategy and I strongly support that strategy,” she said, according to the prepared text of her testimony.