Janet L. Yellen, the Federal Reserve chairwoman, did not talk on Friday about the Fed’s plans for its benchmark interest rate. Instead, she talked about why those plans have been so hard to make.
In a wide-ranging speech, Ms. Yellen said the Fed was struggling to understand the behavior of the labor market and the weakness of inflation. It is reconsidering how changes in monetary policy ripple through the economy, and the impact of international events. In short, as often happens after a crisis, the Fed is sorting through some existential issues.
