On February 10, 2016, Janet Yellen, the Chair of the Federal Reserve Board submitted before Congress the Federal Reserve Board’s semiannual Monetary Policy Report. In her remarks, Chair Yellen discussed the current economic situation and outlook of the US economy since July 2015, including strong gains in the job market along with continued moderate expansion in economic activity. Chair Yellen further discussed monetary policy and emphasized that the Federal Open Market Committee continues to monitor the federal funds rate, but anticipates that economic conditions will warrant only gradual increases in the federal funds rate.

The full text of Chair Yellen’s testimony is available at: http://www.federalreserve.gov/newsevents/testimony/yellen20160210a.htm