The move follows the disclosure that Dallas Fed President Robert Kaplan made multiple trades worth $1 million or more last year in individual stocks.
A group including Rep. Alexandria Ocasio-Cortez says the Fed needs to be focused on "eliminating climate risk and advancing racial and economic justice."
The Fed chair confirmed officials are moving toward winding down the monthly bond-buying program but was not specific about timing.
The bond market is currently pricing in a 56.8% chance of a rate hike by December 2022.
"Temporary is going to be a little longer than we expected initially ... Rather than it being two to three months it may be six to nine months."
The central bank expects to maintain ultralow rates until “inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.”
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If the economy "really goes south," the Treasury Secretary "will go down in history as the man who took away a safety net when it was really needed.”
The central bank chair said fiscal stimulus is needed to help the economy recover from the effects of the coronavirus.
Overall, at least 77% of adults said they were at least “doing OK” in July, up from 72% in April.
“It’s a very deep and dark hole and we’re coming out of it, but it’ going to take a long time to get out.”
The bill, which includes payroll assistance and aid to state and local governments, faces a chilly reception in the Senate.
