More highlights of Yellen's Q&A:
- At this time participants think pace of normalization will be gradual
- Forecasts that rates will rise around 100 bps a year is not a promise
- Increase this year is possible
- It will depend on unfolding data
- Certainly we could certainly see data that would justify a hike this year
- Labor force participation appears depressed by cyclical weakness
- Think we need to see extra strength in jobs and output gap shrinking to have confidence inflation will move back up
- Sees tentative signs that wage growth is picking up
- Some FOMC members might judge us at full employment
- Greece and creditors faced with difficult decisions
- Tightening this year warranted despite strong dollar
- Says thinks economy likely to do well enough to call for tightening later this year
- Fed has no target for the dollar
