Janet Yellen proved popular with the markets in her first testimony to Congress- stocks rallied, and gold rose to a three-month high after she made it clear that while the job market needs to improve, she would not make any abrupt changes to the central bank's commitment to a measured tapering of bond purchases.
SOUNDBITE: JANET YELLEN, CHAIR, FEDERAL RESERVE (ENGLISH) SAYING:
"We would be looking at a broad range of data in the labor market, including unemployment, job creation and many other indicators of labor market performance. We would also be looking at indicators of spending and growth in the economy, because we do need to see growth in an above-trend pace in order to project continued improvement in the labor market. And we note that inflation is running well below our objective and we want to be sure that that is moving back toward our objective."
She also said a potential headwind had been removed with the Republicans agreeing to a 'clean' debt limit bill.
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