WASHINGTON (AP) – Over two days of testimony to Congress, Federal Reserve Chair Janet Yellen was grilled on everything from the direction of interest rates to the health of the economy to “Audit the Fed” legislation supported by Republicans.
On some topics, Yellen shed light. On others, she didn’t or couldn’t provide guidance on the Fed’s thinking or likely actions in the months ahead.
Here are three things we heard from Yellen’s testimony.
– SHE SEES A STEADILY GAINING ECONOMY
Yellen noted the economy’s consistent improvement since she last testified to Congress in July. At 5.7 percent, the unemployment rate is moving close to the Fed’s target range of 5.2 percent to 5.5 percent. She noted that job gains have picked up significantly, to a monthly average of 280,000, compared with 240,000 in the first half of 2014. Other gauges are also showing strength, including a steady drop in the number of Americans who have been unemployed for more than six months.