Yellen on monetary policy in a global environment

In the speech 'Monetary policy in a global environment' given on 27 May Janet Yellen of the Federal Reserve Bank of San Francisco said a depreciation in the U.S. dollar could increase the need for tighter Federal Reserve monetary policy.

A depreciating dollar could stimulate aggregate demand and raise inflation somewhat, and "would appear to call for a response of tighter policy," Yellen said.

Yellen -- a voting member of the policy-setting Federal Open Market Committee in 2006 -- said Fed policy

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