Fed's Yellen: Removal of monetary policy accommodation working well so far

Speaking at the Herbert Stein Memorial Lecture in Washington DC, Federal Reserve's chairwoman Janet Yellen stated that economy doing well but future downturns likely to require renewed use of unconventional policy

In a speech titled "Monetary Policy Since the Financial Crisis", Yellen stressed that downward pressure on yield from Fed asset holdings will dissipate only gradually

More headlines (via Reuters):

• Fed more likely to hit "zero lower bound" in future rate cut cycles
• Unconventional policy tools must be "Ready" if needed
• Evidence suggests economy did better because of asset purchases, other Fed actions during crisis
• Removal of monetary policy accommodation working well so far