Yellen testimony: Fed does not have a cap on growth that it is trying to achieve

Following her prepared speech, Federal Reserve Chair Janet Yellen is responding to questions from the members of the Joint Economic Committee, with key quotes, via Reuters, found below.

Very important that Fed be allowed to make independent policy decisions that are shielded from short term political pressure.

Fed welcomes strong growth; is worried about trends that could push inflation trends above 2 pct.

Fed does not have a cap on growth that it is trying to achieve.

Key notes

US Dollar wobbling around 93.30.

The greenback, in terms of the US Dollar Index (DXY), has faded the earlier spike to the upper end of the range in the 93.40/50 band.

US GDP increased at an annual rate of 3.3 percent in third quarter of 2017.

"Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the third quarter of 2017, according to the "second" estimate," the Bureau of Economic Analysis reported on Wednesday.

About Janet Yellen

Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.