Yellen signals continuity on monetary policy

In her first testimony to Congress, U.S. Federal Reserve Chair Janet Yellen said on Tuesday she would continue to implement the monetary policy made by former Chair Ben Bernanke. The current economic situation and outlook, as well as the monetary policy, will be the main focus of Yellen's testimony to the lawmakers. Her assessment of the economic performance will be scrutinized for clues about whether the Fed will continue to wind down its asset purchases despite recent signs of weakness. According to prepared text of her testimony to the Financial Services Committee of the U.S. House of Representatives, Yellen, who took office on Feb. 3, said the recovery in the U.S. labor market was "far from complete" and underscored the importance of considering more than just the unemployment rate when evaluating the conditions of the labor market. Yellen also said she expected "a great deal of continuity" in the central bank's monetary policy. "I served on the committee as we formulated our current policy strategy and I strongly support that strategy," she said.