Yellen on interest rates, November 2012

Janet Yellen is the likely replacement in 2014 for Ben Bernanke, she's the "#2" at the fed.  Barrack Obama will still be in the whitehouse at the time of nominating the new fed chairman.  These quotes are taken from her speech at Berkeley 6 months ago:
https://www.youtube.com/watch?v=XBW60d4PUfY


"Mid 2015 is the earliest date that a lift off (from 0% interest rates) might be warranted"

"Optimal policy would be to hold 0% rates until at least 2016 and below baseline until 2018"

"A highly accommodating stance on monetary policy will remain in effect long after the recovery"

"The fed should commit to holding the federal funds rate near zero as long as unemployment is above 7%, and as long as inflation is below 3%"

"A balanced approach is preferable whereby an inflation rate above 2%"



I hear people talking, speculating, and arguing for possibility of raising interest rates sometime soon, but I believe this talk has no factual base.  The most hawkish move in the Fed's "toolbox" at this point is to slow down or cut QEinfinity.