I am pleased to join you today to discuss the U.S. economy and the Federal Reserve's monetary policy. I strongly believe that my colleagues and I should explain, as clearly as we can, both the reasons for our decisions and the fundamental principles that underlie our strategy. Today I will review the conduct of monetary policy during the nearly 10 years since the onset of the financial crisis. Although the Federal Reserve's policy strategy for systematically pursuing its congressionally mandated goals of maximum employment and price stability has not changed during this period, the Federal Open Market Committee ... (full story)

Federal Reserve Chair Janet Yellen said an interest-rate increase would “likely be appropriate” at the central bank’s upcoming meeting if employment and inflation continue to meet policy makers’ expectations. “At our meeting later this month, the Committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate,” Yellen said in prepared remarks to be delivered Friday at the Executives’ Club of Chicago. The Fed will announce whether it’s raising rates on March 15 following a two-day ... (full story)