Quotes from Janet Yellen

It is hard to have great confidence in predicting what market reactions to Fed decisions will be.

Strapped by tight credit and plummeting sales, businesses have overhauled the way they manage supply chains, inventory, production practices and staffing.

There is always some chance of recession in any year. But the evidence suggests that expansions don't die of old age.

The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.

People stop buying things, and that is how you turn a slowdown into a recession.

There were a lot of manufacturing jobs lost over a long period of time and particularly after - during the Great Recession. We've had some recovery in manufacturing employment as the economy's recovered.

Long-term unemployment can make any worker progressively less employable, even after the economy strengthens.

American workers have faced serious difficulties in the labor market since the first oil shock in 1973. Since that time, the pace of productivity advance has slowed for reasons which are still not understood, lowering the rate at which living standards have advanced.

Private sector labor market flows provide additional indications of the strength of the labor market. For example, the quits rate has tended to be pro-cyclical, since more workers voluntarily quit their jobs when they are more confident about their ability to find new ones and when firms are competing more actively for new hires.

Labor force participation peaked in early 2000, so its decline began well before the Great Recession. A portion of that decline clearly relates to the aging of the baby boom generation. But the pace of decline accelerated with the recession.

Housing is a relatively small sector of the economy, and its decline should be self-correcting.

It slightly worries me that when people find a problem, they rush to judgment of what to do.

The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.

I will be the first to say that it is always difficult to get monetary policy just right. But the Fed's analytical prowess is top-notch, and our forecasting record is second to none.

Models used to describe and predict inflation commonly distinguish between changes in food and energy prices - which enter into total inflation - and movements in the prices of other goods and services - that is, core inflation.

Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.

It's pretty rare to just talk to people who are having a tough time in the economy, to hear their individual stories.

In the long run, outsourcing is another form of trade that benefits the U.S. economy by giving us cheaper ways to do things.

Listening to others, especially those with whom we disagree, tests our own ideas and beliefs. It forces us to recognize, with humility, that we don't have a monopoly on the truth.

While admirers of capitalism, we also to a certain extent believe it has limitations that require government intervention in markets to make them work.

In 2006, the Congress had approved plans to allow the Fed, beginning in 2011, to pay interest on banks' reserve balances. In the fall of 2008, the Congress moved up the effective date of this authority to October 2008.

Paying interest on reserve balances enables the Fed to break the strong link between the quantity of reserves and the level of the federal funds rate and, in turn, allows the Federal Reserve to control short-term interest rates when reserves are plentiful.

Food and energy account for a significant portion of household budgets, so the Federal Reserve's inflation objective is defined in terms of the overall change in consumer prices.

The extent of and continuing increase in inequality in the United States greatly concern me.