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Economy

Yellen: Fiscal policy 'not obviously needed'

NEW YORK -- U.S. Federal Reserve Chair Janet Yellen said Wednesday in a press conference in Washington, D.C., that at this point fiscal policy does not appear necessary for the U.S. economy.

"With 4.6% unemployment and a solid labor market, there may be some additional slack in labor markets, but I would judge that the degree of slack has diminished," Yellen said. "So I would say at this point that fiscal policy is not obviously needed to provide stimulus to help us get back to full employment."

Incoming president Donald Trump has vowed to implement stimulus measures through increased infrastructure investment and broad tax cuts. "Let me be careful that I am not trying to provide advice to the new administration or to Congress as to what is the appropriate stance of policy," the Fed chair said. "There are many considerations that Congress needs to take account of, and many bases for justifying changing fiscal policy," she added.

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