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WASHINGTON — Janet Yellen, the Federal Reserve chairwoman, said Wednesday that the economy “paused†in the first quarter, but that a rebound was underway and the Fed continued to expect faster growth during the rest of the year.
Ms. Yellen’s comments, in testimony before the congressional Joint Economic Committee, suggested that the Fed’s economic optimism had not been shaken by data showing the first quarter was even weaker than the government reported last week.
She reiterated the Fed’s view that the weak winter was substantially the result of unusually cold and stormy weather, among other transitory factors.
“With the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already underway,†Ms. Yellen said in prepared testimony.
She tempered that confidence, however, with two new warnings. She said the renewed weakness of the housing market was once again a cause for concern, and she added that “heightened geopolitical tensions†could undermine the recovery.
Ms. Yellen played down criticism of the Fed’s efforts. She said that the Fed continued to expect inflation to rise toward its 2 percent annual target, with little risk of faster inflation. She also said that the Fed remained watchful for signs that its policies were destabilizing financial markets or encouraging excessive speculation, but that so far it saw no evidence of significant problems. She said that valuations in equity markets “remain within historical norms,†countering concerns raised by some observers that the stock market was showing signs of overheating.
“While we have seen substantial improvement in labor market conditions and the overall economy since the financial crisis and severe recession, we recognize that more must be accomplished,†she said.
Ms. Yellen provided no new information in her prepared testimony about the timetable for the Fed’s retreat from its financial stimulus. She was also scheduled to answer the committee’s questions later on Wednesday morning.
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