Markets rally on Yellen’s pledge to end easy-money policies

New Federal Reserve chair debuts on Capitol Hill

“This is by no means a panacea to inequality, but I think we will see gains throughout the economy” as the Fed continues to nurture stronger growth, she said.

Ms. Yellen declined to give Congress advice on the often-contentious issues of budget deficits and spending, insisting that deficits and debt are primarily a long-run problem driven by growing spending on health care and other entitlement programs for the nation’s aging population.

“Long-run deficits that are projected to rise in an unsustainable way is a trend that has a negative effect on the economy. The larger deficits that we’ve had in recent years in part reflect the weakness of the economy.”

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