April 16 (Bloomberg) — Janet Yellen, in her first speech to a Wall Street audience since becoming Federal Reserve chair, emphasized her commitment to support the recovery even as full employment comes into view.
Outlining a disciplined policy framework she uses, Yellen told investors to pay attention to shortfalls in both inflation and the jobless rate for signals on the Federal Open Market Committee's decisions on the policy rate.
"The larger the shortfall of employment or inflation from their respective objectives, and the slower the projected progress toward those objectives, the longer the current target range for the federal funds rate is likely to be maintained," Yellen said in a speech in New York.
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