Fed Chair Janet Yellen confirmed her view of a strong U.S. economy before Congress' Joint Economic Committee. Bobbi Rebell reports.
Janet Yellen sticking to her story. The Fed Chair testifying in front of a Congressional committee hearing, re-inforcing her view that the economy is on the right track. (SOUNDBITE) JANET YELLEN, CHAIR, U.S. FEDERAL RESERVE (ENGLISH) SAYING: "I anticipate continued economic growth at a moderate pace that will be sufficient to generate additional increases in employment, and a rise in inflation toward two percent objective. Although, the economic outlook is always uncertain, I currently see the risk to the outlook for economic activity and labor market as very close to balanced." She made similar comments a day earlier at a speech in Washington. Yellen said she will watch Friday's November jobs report. She did not directly refer to a rate hike at the next Fed meeting in mid December. But she said that the outlook and data since the previous meeting have been consistent with the rate hike criteria set out by Fed policymakers. Jeff Tomasulo of Vespula Capital says, a rate hike is a sure thing, but there's more to the story. (SOUNDBITE) JEFF TOMASULO, CEO, VESPULA CAPITAL (ENGLISH) SAYING: "We might get a quarter point rate hike, but we might not get another quarter point rate hike for a year. She is going to look at the data, and they are going to evaluate how the economic environment is reacting to that." Her speech followed an ECB announcement to further ease policy, but the moves fell short of expectations. The resulting drop in the dollar, Tomasulo says, gives Yellen more reason to raise rates.