Yellen: Outlook on progress toward goals remains 'broadly unchanged' despite some weak data
Yellen: The FOMC continues to see sufficient underlying strength in the economy to support ongoing improvement in the labor market.
The only real explanation for move in rates comes from economic projections, which show a higher cluster of expectations at 2 percent for the end of 2016. Not much difference, but enough to prompt action
AP gets the first-ever question of the Yellen era.
"We are fully committed to the 2% inflation objective" - Yellen
Hilsentrath asks question about "small upward drift." It seems wonky but it's the trigger for market reaction today.
The key was Yellen's quote about the "considerable period" it would take following the end of QE to raise rates. She defined it as six months, sparking a major selloff.
Yellen: "A lot of kids shacking up with their families" who want to get out on their own are an opportunity for future housing demand.
From CNBC's Bob Pisani: The fear among traders seems to be that the Fed could hike rates sooner than the second half of 2015, based on Yellen's comments.
Yellen's news conference has ended.
Janet Yellen is done with her first presser, and what a presser it was.
Have to wonder A) whether Yellen asked staff how she did as she left the room and B) whether they showed her a tick chart or not.