Janet Yellen, who’s expected to succeed Ben Bernanke as chairman of the Federal Reserve, says the Fed’s $85 billion-a-month purchases of Treasurys and mortgage-backed securities “can’t continue indefinitely” but that tapering the Fed’s “quantitative easing” before the economy’s ready to stand on its own “could be costly.”

Testifying before the Senate Banking Committee, Yellen said she doesn’t think there are bubbles in home prices or stock markets. Forbes reports that Yellen’s testimony makes clear “her intention to keep the monetary spigots wide open,” at least for the time being.  Source: forbes.com

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