March 31 - Fed Chair Janet Yellen expressed her concerns about a still weak jobs market, reassuring the markets that a move away from the Fed's easy monetary policies will take time. Bobbi Rebell reports.
Fed Chair Janet Yellen gave the markets a reassuring reading on the central bank's policies Monday, emphasizing the bank's extraordinary commitment to boosting the economy and the still struggling job market. SOUNDBITE: FEDERAL RESERVE CHAIR JANET YELLEN (ENGLISH) SAYING: "I believe the Fed's policies will continue to help sustain progress in the job market. But the scars from the Great Recession remain, and reaching our goals will take time." Defining that time has been an issue, one that has rattled the markets. But at a community reinvestment conference in Chicago, Illinois, she talked about her concern that wages aren't going up, and that the lower jobless rate is in part because many Americans have simply given up looking for jobs. She also defended the way the Fed's policies are working to improve the still weak economy. SOUNDBITE: FEDERAL RESERVE CHAIR JANET YELLEN (ENGLISH) SAYING: "These different measures have the same goal -- to encourage consumers to spend and businesses to invest, to promote the recovery in the housing market, and to put more people to work. Together they represent an unprecedentedly large and sustained commitment by the Fed to do which is necessary to help our nation recover from the Great Recession. For the many reasons I have stated today, I think this extraordinary commitment is still needed and will be for some time, and I believe this view is widely shared by my fellow policymakers at the Fed." Yellen added that the recovery still looks like a recession to many Americans, and it also looks that way in some economic statistics.