Monetary Policy and the State of the Economy, Hearing Before the Committee on Financial Services, U.S. House of Representatives, One Hundred Fourteenth Congress, First Session, February 25, 2015 [open pdf - 214KB]
This testimony compilation is from the February 25, 2015 hearing, "Monetary Policy and the State of the Economy," before the U.S. House of Representatives Committee on Financial Services. Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, discussed the current economic situation in her opening statement. She stated that unemployment is at 5.7 percent, but labor force participation and wage growth are low. Real gross domestic product (GDP) and consumer spending have increased, whereas housing construction continues to lag. Oil prices, longer-term interest rates in the United States and other countries have decreased. With regards to monetary policy, Yellen stated that the Federal Open Market Committee (FOMC) is focused on policies that promote maximum price stability and employment, even though inflation and employment rates are not ideal in the present time. Statements, letters, and materials submitted for the record include those of the following: Janet Yellen.
United States House Committee on Financial Services: https://financialservices.house.gov/