Janet Yellen Says Fed Still ‘Patient’ on Raising Rates

“In that regard, the committee judged in December and January that it can be patient in beginning to raise the federal funds rate. This judgment reflects the fact that inflation continues to run well below the committee's 2 percent objective, and the room for sustainable improvements in labor market conditions still remains ...

The FOMC's assessment that it can be patient in beginning to normalize policy means that the committee considers it unlikely that economic conditions will warrant an increase in the target range for the federal funds rate for at least the next couple of FOMC meetings ...

If economic conditions continue to improve, as the committee anticipates, the committee will at some point begin considering an increase in the target range for the federal funds rate on a meeting-by-meeting basis. Before then, the committee will change its forward guidance.”