WASHINGTON (AP) — Federal Reserve Chair Janet Yellen says some recent economic figures have pointed to weaker consumer spending than had been expected. She says the Fed will be watching to see whether the slowdown proves only a temporary blip caused by severe winter weather.
Yellen is telling the Senate Banking Committee that the Fed will be alert to upcoming data to make sure that the economy keeps strengthening.
She is repeating remarks she made to a House committee earlier this month that the job market's recovery is "far from complete." In response to a question, she said she expects Fed policies to favor low interest rates "for quite some time."
Yellen's appearance completes her first semiannual report to Congress since becoming Fed chair earlier this month.
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