New Fed Chair Testifies In Congress

(Washington, DC) -- New Federal Reserve chair Janet Yellen cites steady progress in the economic recovery, but notes that the recovery is "far from complete."
In her first congressional appearance as Fed chief, Yellen cited concerns about those who have been out of work for more than six months. She said the national unemployment rate is dropping, but argued that six-point-six percent is still too high. As the economy continues to improve, Yellen suggested that the Fed will continue scaling back its bond-buying stimulus program. She also expects interest rates to remain very low. Yellen is the first woman to run the nation's central bank.
Additional audio:
Federal Reserve Chairman Janet Yellen says more people are getting jobs.
Yellen says some workers are finding it hard to get a job.
Yellen says the Fed will continue scaling back its bond-buying stimulus program.
Yellen says interest rates will remain very low.
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