SF Fed's Yellen on prospects for the U.S. economy

In the speech 'Prospects for the U.S. economy' given on 16 October Janet Yellen of the Federal Reserve Bank of San Francisco said it makes sense for the Federal Reserve to hold monetary policy stable "for a time" because the full effect of 17 rate increases has yet to be seen.

Yellen said she believes the present stance of monetary policy appears well suited to bring those pressures back in line over time. In fact, she said, "inflation may move down from its elevated level faster than many

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