Yellen, Janet

We have in the past seen sort of false dawns, periods in which we thought our growth would speed, pick up and the labor market would improve more quickly. And later events have proven those hopes to be -- to be, unfortunately, over-optimistic. So we are watching very carefully, especially when short-term, overnight rates are at zero, so we have no ability to lower them further.

We need to be careful to make sure that the economy is on a solid trajectory before we consider raising interest rates. And I think the forward guidance that we have provided and the policies we have -- we have put in place are providing a great deal of accommodation to the economy to make sure that it is on a sound trajectory.