Fed Chair Janet Yellen said she's hopeful for economic growth, NBC News reported.
"We are seeing a pickup in growth. There's been a sharp increase in consumer spending," Yellen told the House Financial Services Committee. "I'm very hopeful that we will see a pickup in growth. We will be watching for that as we assess the economy."
She also rejected the idea that monetary policy is tied to boosting Wall Street's equity values — in effect a "third pillar" to go along with the Fed's dual mandate of full employment and price stability.
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The Fed has kept its interest rate target close to zero, hiking just once in the last 10 years.