Janet Yellen speech: We believe 'surprising' softness in inflation related to transient factors

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is delivering her remarks on the monetary policy, with key quotes (via Reuters) found below.

We believe 'surprising' softness in inflation related to transient factors.

Real GDP growth slightly stronger in December than September projections.

Tax policy changes supported increase in GDP forecasts.

FOMC's understanding of what's driving inflation is imperfect.

Key notes

EUR/USD hits fresh highs near 1.1800 after Fed raises rates.

The EUR/USD pair moved further to the upside following the release of the FOMC decision. The pair printed a fresh daily high at 1.1794 but then pulled back. 

GBP/USD jumps to 1.3380 as the Treasury yields drop after Fed rate hike.

The GBP/USD pair jumped to a session high of 1.3380 after the Fed announced a 25 basis point rate hike as expected.

About Janet Yellen

Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.