Fed's Yellen: "High pressure" policy may be needed for recovery

Fed Chairwoman Janet Yellen is crossing the wires now during a speech in Boston, where she is stating that short-term rate cuts alone may be "inadequate" in the future.

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• Policy may want to be extra-accommodative in recoveries
• Hard to quantify the costs and benefits of an accommodative strategy
• Maintaining accommodation for too long could have costs
• Forward guidance may be needed again by central banks
• Costs could include financial instability and inflation