Highlights from the Yellen speech

  • Yellen: Continued faster-than-expected progress on jobs could lead to earlier rate hike
  • Yellen: Challenge to assess how far economy is from full employment
  • Yellen: recent inflation firming a combination of transitory changes in labor market functioning
  • Yellen: High number of involuntary part-time workers suggests jobless rate may understate slack
  • Yellen: Little evidence of broad-based acceleration in wages or compensation

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