Fed's Yellen positive on inflation outlook

Janet Yellen, the president of the San Francisco Federal Reserve bank, said she is upbeat about the outlook for inflation and watching closely to see whether the economy hit a soft-spot in March.

"My view is inflation remains basically well contained, and I think things look good going forward," Yellen said in an interview with the CNBC business cable television channel.

"Long-term inflation expectations remain very well contained," wage and salary growth and compensation overall is well contai