Yellen says Fed's focus has shifted to holding growth gains

WASHINGTON (April 11): Federal Reserve Chair Janet Yellen said the US central bank’s task has shifted from a post-crisis exercise of healing the economy to one aimed at holding on to progress made.

“Before, we had to press down on the gas pedal trying to give the economy all of the oomph that we possibly could,” Yellen said Monday in Ann Arbor, Michigan. The Fed is now trying to “give it some gas, but not so much that we’re pushing down hard on the accelerator.”

Yellen and her colleagues are aiming to ease back significantly this year on the level of support the central bank is providing the US economy as they close in on their goals of full employment and 2% inflation. Policy makers have penciled in two additional rate hikes this year, on top of one executed in March.

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