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Yellen: I'm 'very hopeful' that economic growth will pick up
Fed Chair Janet Yellen rejected the notion that the Fed has a "third pillar" of policy to keep stock market prices afloat. On the second day of her semiannual congressional testimony Wednesday, Yellen was asked by Rep. Edward R. Royce (R-California) whether the U.S. central bank's monetary policy is tied to boosting Wall Street's equity values — in effect a "third pillar" to go along with the Fed's dual mandate of full employment and price stability. "It is not a third pillar of monetary policy," she said. "We do not target the level of stock prices. That is not an appropriate thing to do." The Fed has enacted ... (full story)