Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from Congress members with the key quotes, via Reuters, found below:

Balance sheet normalization should begin "relatively soon"

Part of inflation weakness is transitory

Intends to serve out term, hasn't had further thought on another term

As asset prices have moved up, have not seen a substantial increase in borrowing

Banking system is well-capitalized and strong, resilient

Key Notes:

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About Janet Yellen

Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.