Janet Yellen
speaker
179 appearances
2 recordings
1 series
first heard Sep 2017
last heard Dec 2017
Janet Yellen’s voice in public audio — every appearance, attributed to the second.
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Appearances
there are many different paths that people can follow that lead to satisfying careers.
Just in terms of the kinds of research that's done in the field, I think also a greater diversity, more women in minorities, may change the focus to some extent of the questions that people choose to look at and the analysis that they bring in, a range of thinking that bears on research, and all of that would be a healthy development.
Good afternoon.
At our meeting that concluded earlier today, my colleagues and I on the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 1 to 1.25 percent.
This accommodative policy should support some further strengthening in the job market and return to 2 percent inflation, consistent with our statutory objectives.
We also decided that in October we will begin the balance sheet normalization program that we outlined in June.
This program will reduce our securities holdings in a gradual and predictable manner.
I'll have more to say about these decisions shortly, but first I'll review recent economic developments in the outlook.
As we expected, and smoothing through some variation from quarter to quarter, economic activity has been rising moderately so far this year.
Household spending has been supported by ongoing strength in the job market.
Business investment has picked up, and exports have shown greater strength this year, in part reflecting improved economic conditions abroad.
Overall, we expect that the economy will continue to expand at a moderate pace over the next few years.
In the third quarter, however, economic growth will be held down by the severe disruptions caused by hurricanes Harvey, Irma, and Maria.
As activity resumes and rebuilding gets underway, growth likely will bounce back.
Based on past experience,
These effects are unlikely to materially alter the course of the national economy beyond the next couple of quarters.
Of course, for the families and communities that have been devastated by the storms, recovery will take time.
And on behalf of the Federal Reserve, let me express our sympathy for all those who have suffered losses.
In the labor market, job gains averaged 185,000 per month over the three months ending in August, a solid rate of growth that remained well above estimates of the pace necessary to absorb new entrants to the labor force.
We know from some timely indicators such as initial claims for unemployment insurance that the hurricane severely disrupted the labor market in the affected areas, and payroll employment may be substantially affected in September.
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