{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Federal Reserve Chair Yellen says economic recovery is not yet complete' data-url='/boclips/videos/5c54c4a8d8eafeecae16a5d4' data-video-url='/boclips/videos/5c54c4a8d8eafeecae16a5d4' 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 Yellen says economic recovery is not yet complete\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'\u003eUS Federal Reserve Chair Janet Yellen said on Tuesday that the country's economic recovery is not yet complete and the Federal Reserve intends to keep providing significant support to boost growth and improve the labour market.In...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eUS Federal Reserve Chair Janet Yellen said on Tuesday that the country's economic recovery is not yet complete and the Federal Reserve intends to keep providing significant support to boost growth and improve the labour market.\u003cbr/\u003eIn delivering the Federal Reserve's (known in the US as The Fed) semi-annual economic report to Congress, Yellen said the Fed's future actions will depend on how well the economy performs.\u003cbr/\u003eShe said that if labour market conditions continue to improve more quickly than anticipated, the Fed could raise its key short-term interest rate sooner than currently projected. \u003cbr/\u003eYellen, who was speaking before the Senate Banking Committee, 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. \u003cbr/\u003eYellen said current monthly bond purchases will likely end in October.\u003cbr/\u003eThose bond purchases have been trimmed five times, taking them from 85 billion US dollars per month down to 35 billion US dollars per month currently.\u003cbr/\u003eYellen 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/\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 labour 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 two percent target. \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. \u003cbr/\u003eThe 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/\u003e1. Senate Banking Committee hearing\u003cbr/\u003e2. SOUNDBITE (English) Janet Yellen, US 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 participant's estimates of its longer run normal level.\"\u003cbr/\u003e3. Wide of Yellen speaking at hearing\u003cbr/\u003e4. SOUNDBITE (English) Janet Yellen, US Federal Reserve Chair:\u003cbr/\u003e\"The committee sees the projected pace of economic growth as sufficient to support ongoing improvement in the labour market with further job gains.\"\u003cbr/\u003e5. Cutaway of senators\u003cbr/\u003e6. SOUNDBITE (English) Janet Yellen, US Federal Reserve Chair:\u003cbr/\u003e\"We judge that a high degree of monetary policy accommodation remains appropriate.\"\u003cbr/\u003e7. Cutaway of senators listening to Yellen speak\u003cbr/\u003e8. SOUNDBITE (English) Janet Yellen, US Federal Reserve Chair:\u003cbr/\u003e\"If incoming data continued to support our expectation of ongoing improvement in labour market conditions and inflation moving back toward 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. Cutaway of senators\u003cbr/\u003e10. SOUNDBITE (English) Janet Yellen, US 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. Cutaway of senators\u003cbr/\u003e12. SOUNDBITE (English) Janet Yellen, US Federal Reserve Chair:\u003cbr/\u003e\"The committee recognises 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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