Fed not out of ammo, says SF's Yellen

The Federal Reserve still has the tools to stimulate the economy even with interest rates at next to zero, said Janet Yellen, the president of the San Francisco Fed.

Speaking at a policy forum in San Francisco, Yellen acknowledged that the unprecedented fall in the cost of money had exhausted the Fed's ability to stimulate through "conventional" measures, but said other measures remained.

The Fed could expand its operations beyond money markets she noted. "Considerable scope remains" she said

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