Fed Chair Janet Yellen said Thursday that economic data since October is consistent with the central bank’s expectations of an improved job market.
In remarks prepared for delivery to Congress, Yellen also said the market is close to the central bank’s goal of full employment, and that drags on inflation will diminish next year.
“I currently judge that U.S. economic growth is likely to be sufficient over the next year or two to result in further improvement in the labor market,” she said. “Ongoing gains in the labor market, coupled with my judgement that longer-term inflation expectations remain reasonably well anchored, serve to bolster my confidence in a return of inflation to 2 percent.”
