Between the Lines: What Yellen Really Said About Trump Policies

"Yellen played a straight bat and broadly reiterated her previous messaging, forecasting ongoing progress toward the Fed's goals and gradual policy tightening", Bank of New Zealand currency strategist Jason Wong said in a note.

It was the context in which Fed Chair Yellen's comments fell against that proved to be incendiary: that after six years of sclerotic U.S. fiscal policy, there are high odds that gridlock in Washington D.C. ends.

"Technological change has generally been a source of income growth, but has also created huge disadvantages for those with less education, and those in manufacturing industries that have seen outsourcing from globalization and automation", she said.

Trump has bashed Dodd-Frank as a "disaster" that has choked off bank loans.

"I see well-capitalized banks that are regarded as safe, sound and strong", Yellen said, adding this gives them a "competitive advantage".

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"I can't tell you which meeting it would be", she said, including specifying "whether it's March or May or June". The recent rally restarted big gains achieved in the two months after the USA election in November.

Wall Street smashed records again on Tuesday, closing at all-time highs for its fourth session in a row.

On comments that Fed will evaluate the incoming data and potential fiscal policy changes "at upcoming meetings", Shepherdson said this mean all meetings were "live".

Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, Thursday, Nov. 17, 2016, before the Joint Economic Committee. This judgment reflects our view that USA monetary policy remains accommodative, and that the pace of global economic activity should pick up over time, supported by accommodative monetary policies overseas.

In another apparent dig at the president, Ms Yellen defended banking regulation, which Mr Trump is trying to scale back.

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In a research note, Jim O'Sullivan, chief US economist at High Frequency Economics, said Yellen's remarks had "a fairly upbeat tone, consistent with more tightening before too long".

Trump's program is expected to include deep tax cuts, stimulus spending and deregulation.

The committee's questions displayed the split between Republicans and Democrats in the wake of Trump's victory.

Before Yellen took the hot seat Thursday, Richmond Fed President Jeffrey Lacker said it's "pretty clear" any new fiscal policies will require higher rates. The CCAR exam is the more stringent since it examines both hard numbers and qualitative risks to the bank.

Earlier in the day, Fed chair Janet Yellen testified before a Senate committee that the US central bank is ready to gradually raise rates if the job market continues to strengthen and inflation rises.

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Next, Yellin next deliver a semiannual report on the Fed's monetary policy before the U.S. House Financial Services Committee.