"Are you a sensible central banker, and if not, when will you become one?"
"For more than a year, the Fed's policy committee has said it wouldn't consider a hike in the short-term interest rate until unemployment dipped to 6.5%, as long as inflation didn't exceed 2%. Today, with the jobless rate already down to 6.6%, Fed officials including Yellen are saying the 6.5% rate is not a 'trigger' for raising rates."In practice, Yellen told lawmakers on Tuesday that she would be looking at a range of labor-market and inflation data to assess when to raise rates. It's likely the Fed will maintain ultra-low interest rates "well past the time that the unemployment rate declines below 6-6.5%," she said in the written testimony prepared for Tuesday's hearing."