Janet Yellen mounted a vigorous defence of the Federal Reserve’s easy money policies as she delivered a confident and comfortable performance to Congress at a confirmation hearing to lead the US central bank.
Ms Yellen told members of the Senate banking committee that it was “imperative to do what we can to promote a strong economic recovery”.
She noted that the labour market had improved, but was still performing “far short” of its potential, with unemployment at 7.3 per cent. She added that the benefits of the Fed’s unconventional asset purchase programme – worth $85bn per month, on top of ultra-low interest rates – exceeded its costs.
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