Yellen defends QE in congressional confirmation hearing


Janet Yellen, the prospective head of the Federal Reserve, said during a Congressional nomination hearing today that the central bank's asset purchasing programme has made a "meaningful" contribution to economic growth and is not stoking a bubble in stock and other asset prices.

Yellen said that while policies had "probably" boosted the stock market, there were no signs of prices being in "bubble territory" or of a "broad build-up in leverage". Rejecting the description of QE as a "sword of

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