Yellen: No Specific Timeframe on 'Considerable Time'

The transcript discusses the lack of a mechanical interpretation for the term 'considerable time' in the context of federal funds rate decisions. It emphasizes that the committee's decisions are data-dependent and can change based on the pace of economic progress. If progress accelerates, the rate may be raised sooner and faster, and vice versa. The transcript highlights the importance of flexibility in economic projections.

What does the term 'considerable time' refer to in the context of the committee's decisions?

How does the pace of progress affect the committee's decision on raising the federal funds rate?

In what scenario might the committee raise the federal funds rate sooner than anticipated?

What might happen if the projection regarding the federal funds rate changes?

What is meant by 'no fixed mechanical interpretation' of a time period in this context?