Yellen's presser is underway

The Fed's Chairwomen explained that since the turn of year, increases in market financial volatility and tighter finical condition in the US although these conditions have improved in the US recently. However, developments abroad have not resulted in the material changes in the committees base line outlook.

More as follows:

"Path of rates have moved down and decline in interest rates should help economy going forward.

Wage growth yet to show sustained pickup.

Remains to be seen if firmer core inflation sustainable.

GDP forecasts a touch lower than Dec.

Labor force participation rate has turned up noticeably.

Foreign developments haven't caused material chances to outlook.

Achieving goals will likely require a somewhat lower path of rates than anticipated in December.

2% inflation will be achieved in two year time frame.

Labour market continuing to strengthen, despite oversea risks.

Economic growth abroad appears to be running at a somewhat slower pace than previously expected.

Economic conditions warrant only gradual increases in Federal finds rate remain below levels for some time below longer term targets."

Q&A's under way...more to follow....