Yellen: US jobs market 'yet to fully recover'

File picture shows Federal Reserve Chair Janet Yellen testifying before the House Financial Services Committee on Capitol Hill in Washington, DC on July 16, 2014Federal Reserve Chair Janet Yellen on Friday rebuffed pressure from inflation hawks to move faster toward a rate hike, saying the US jobs market still shows slack despite recent gains. In her much-awaited speech on the labor market, Yellen said US monetary policy needed to be pragmatic, not defined by models but focused on what a range of data says. “The assessment of labor market slack is rarely simple and has been especially challenging recently,” she told the symposium.

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