Fed's Yellen: We want confidence in economy before shrinking balance sheet

Janet Yellen, the Chair of the Board of Governors of the Federal Reserve System, responds to questions from the press:

Key quotes

• Could buy bonds again, but does not want to use that tool
• Monetary policy is currently accommodative
• We are closing in on employment objectives, inflation objectives
•  FOMC has not discussed in details potential fiscal changes
• We have not mapped out possible response to fiscal changes
• Fed recognizes there is great uncertainty of fiscal policy