I would like to distinguish between a systematic approach to monetary policy, which I believe we have put in place, and a system that we use that is in line with what other advanced central banks do and a mechanical, mathematical rule-based approach, which I do not support and no central bank that I am aware of follows.
Yellen explains her stance on monetary policy approaches.
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I do have concern about where we are going unless we undertake some significant steps to reduce the budget deficit.
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