SF Fed's Yellen on the US economy in 2007

In the speech 'The US economy in 2007' given on 23 February Janet Yellen of the Federal Reserve Bank of San Francisco said she still sees upside risks to inflation but that U.S. interest rates were now "well positioned" to bring inflation down.

"At this stage, the predominant risks center on whether inflation will continue to move down gradually," she said.

While core inflation remained higher than she would prefer, "it has begun to ebb modestly in recent months," she said.

Yellen indicated that

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