Janet Yellen actually said...

It is essentially a theory that fits reasonably, but certainly not perfect, explaining the inflation process.

Yellen discusses the Phillips rule's applicability to inflation analysis.

02/10/2016

More Janet Yellen Quotes

We are not going to raise rates if we think it is going to tip the economy into a recession.

There is more work to do to put fiscal policy on a sustainable course . . .

Yes. I am talking about--

Operating monetary policy by mechanically following a policy rule is not practical.