{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Federal Reserve Chair Janet Yellen said Tuesday that the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions. (July 15)' data-url='/boclips/videos/5c54c110d8eafeecae14f868' data-video-url='/boclips/videos/5c54c110d8eafeecae14f868' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFederal Reserve Chair Janet Yellen said Tuesday that the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions. (July 15)\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eFederal Reserve Chair Janet Yellen said Tuesday that the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions.In delivering...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eFederal Reserve Chair Janet Yellen said Tuesday that the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions.\u003cbr/\u003eIn delivering the Fed's semi-annual economic report to Congress, Yellen said the Fed's future actions will depend on how well the economy performs. \u003cbr/\u003eShe says if labor market conditions continue to improve more quickly than anticipated, the Fed could raise its key short-term interest rate sooner than currently projected. But she said weaker conditions will mean a longer period of low rates.\u003cbr/\u003eMany economists believe the federal funds rate, which has been at a record low near zero since December 2008, will not be increased until next summer. Yellen said current monthly bond purchases will likely end in October.\u003cbr/\u003eThose bond purchases have been trimmed five times, taking them from $85 billion per month down to $35 billion per month currently. \u003cbr/\u003eYellen said if the economy keeps improving, the Fed will keep reducing the bond purchases at upcoming meetings with the final move being a $15 billion reduction at the October meeting.\u003cbr/\u003eIn her testimony before the Senate Banking Committee, Yellen said the economy is improving and the sharp downturn in economic activity in the first three months of the year was likely the result of temporary factors.\u003cbr/\u003e\"Although the economy continues to improve, the recovery is not yet complete,\" she said. \u003cbr/\u003eEven with a drop in the unemployment rate to the lowest level since September 2008, Yellen said there were numerous signs of significant slack in the labor market, including continued weak growth in wages.\u003cbr/\u003eShe also played down a recent acceleration in inflation, noting that inflation still remained below the Fed's 2 percent target. Prices were up 1.8 percent for the 12 months through May.\u003cbr/\u003eBecause labor market conditions have not yet fully recovered from the deep 2007-2009 recession and because inflation remains below target, Yellen said the Fed expected to continue with its current policies of keeping interest rates exceptionally low to boost economic activity.\u003cbr/\u003e\"We judge that a high degree of monetary policy accommodation remains appropriate,\" Yellen said in her testimony.\u003cbr/\u003eWhile unemployment stood at 6.7 percent in February, it has now fallen to 6.1 percent, reflecting strong job growth in recent months. The economy has created an average of more than 200,000 jobs a month over the past five months, the strongest stretch since the late 1990s.\u003cbr/\u003eIn her testimony, Yellen said Fed officials were aware that low interest rates could prompt investors to \"reach for yield\" by chasing riskier investments, and this could \"increase vulnerabilities in the financial system to adverse events.\"\u003cbr/\u003eWashington, July 15, 2014\u003cbr/\u003e1. Wide, Congressional hearing\u003cbr/\u003e2. SOUNDBITE (English, Janet Yellen, Federal Reserve chair:\u003cbr/\u003e\"Although the economy continues to improve the recovery is not yet complete. Even with the recent declines, the unemployment rate remains above the Federal Open Market Committee's participants estimates of the longer run normal level.\"\u003cbr/\u003e3. Wide, Congressional hearing\u003cbr/\u003e4. SOUNDBITE (English, Janet Yellen, Federal Reserve chair:\u003cbr/\u003e\"The committee sees the projected pace of economic growth as sufficient to support ongoing improvement in the labor market with further job gains.\"\u003cbr/\u003e5. Wide, congressmen\u003cbr/\u003e6. SOUNDBITE (English, Janet Yellen, Federal Reserve chair:\u003cbr/\u003e\"We judge that a high degree of monetary policy accommodation remains appropriate.\"\u003cbr/\u003e7. Wide, Congressional hearing\u003cbr/\u003e8. SOUNDBITE (English, Janet Yellen, Federal Reserve chair:\u003cbr/\u003e\"If incoming data continue to support our expectations of ongoing improvement in labor market conditions and inflation moving back towards two percent, the committee likely will make further measured reductions in the pace of asset purchases at upcoming meetings with purchases concluding after the October meeting.\"\u003cbr/\u003e9. Wide, Congressional hearing\u003cbr/\u003e10. SOUNDBITE (English, Janet Yellen, Federal Reserve chair:\u003cbr/\u003e\"We currently anticipate that even after employment and inflation are near mandate consistent levels, economic conditions made for some time warrant keeping the federal funds rate below levels that the committee views as normal in the longer run.\"\u003cbr/\u003e11. Wide, Congressional hearing\u003cbr/\u003e12. SOUNDBITE (English, Janet Yellen, Federal Reserve chair:\u003cbr/\u003e\"The committee recognizes that low interest rates may provide incentives for some investors to reach for yield. And those actions could increase vulnerabilities in the financial system to adverse events.\"\u003cbr/\u003e13. 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