Fed's Yellen Subtly Changes Job, Inflation Outlook

The transcript discusses Janet's recent speech, highlighting its similarities to her previous remarks. It explores the transitory nature of labor market changes, supported by jobless claims and vacancies data. Subtle shifts in economic outlook and monetary policy are noted, with a focus on cautious rate adjustments. Yellen's upcoming testimony before the House of Representatives will address regulatory changes and bank deficiencies. The concept of secular stagnation is introduced, with concerns about low productivity and household formation. The Fed's stance on rate hikes remains cautious amid these challenges.

What changes did Janet acknowledge regarding the labor market?

How did Janet characterize the recent slowing in the labor market?

What evidence did Janet refer to in support of her claims about jobless claims?

What was the subtle change in rhetoric from last week to now regarding the Fed's perspective?

What concerns did Janet express regarding productivity growth and household formation?