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Feb 11, 2014 8:37 AM by Associated Press

Yellen: Continued pullback in Fed stimulus likely

WASHINGTON (AP) - Federal Reserve Chair Janet Yellen says that if the economy keeps improving, the Fed will take "further measured steps" to reduce the support it's providing through monthly bond purchases.

In her first public comments since taking over the top Fed job last week, Yellen says she expects a "great deal of continuity" with her predecessor, Ben Bernanke. She signaled that she supports his view that the economy is strengthening enough to withstand a pullback in stimulus but that rates should stay low to fuel further growth.

Yellen says the Fed is monitoring volatility in global markets but doesn't think it poses a serious risk to the United States.

Yellen's comments, prepared for a House committee, signal the Fed will keep its key short-term rate near zero for a prolonged period.

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