Following are highlights from the question and answer session of Federal Reserve Chair Janet Yellen's testimony before the Senate Banking Committee on Tuesday. YELLEN ON LONG-TERM UNEMPLOYMENT "While long-term unemployment remains at exceptionally high levels and is a grave concern, I do think we are seeing improvements as the job market is strengthening." YELLEN ON TIMING OF RATE RISE The Federal Open Market Committee will be looking at "maximum employment and price stability... There's no formula and no mechanical answer that I can give you about when the first rate hike will occur. Of course this is something we need to watch carefully and are doing so.... "The Federal Reserve does need to be quite cautious with respect to monetary policy.
BURLINGTON, Vt. (AP) — A Vermont man who told police he urged his girlfriend to jump off a cliff in a drug-induced haze because of an imagined bear attack was being held on $100,000 bail on charges including attempted murder and arson.
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen says the economic recovery is not yet complete and for that reason the Fed intends to keep providing significant support to boost growth and improve labor market conditions.
TUCSON, Ariz. (AP) — Protesters in a small town near Tucson want to send a message about the immigration debate Tuesday, when they plan to block a bus they believe will be transporting about 40 immigrant children to an academy for troubled youths in Oracle.
The downward drift of oil prices continued Tuesday with the benchmark rate down near $100 a barrel even as the deteriorating security situation in Libya has raised questions over the restoration of crude exports.