Yellen Says Asia Important for Fed in Developing Monetary Policy

U.S. Federal Reserve Vice Chairman Janet Yellen said Asia “clearly plays an exceptionally important role in the global economy” and a better understanding of the region helps officials to develop policy.

“Without that type of understanding of evolving economic and financial developments in Asia, it would be difficult for us to conduct monetary policy,” Yellen said during remarks today at a dinner held at the Federal Reserve Bank of San Francisco.

The 65-year-old policy maker didn’t comment on the future of monetary policy or the U.S. economic outlook. She spoke at the San Francisco Fed’s annual Asia Economic Policy Conference, appearing alongside John Williams, the district bank’s president.

“The goal here is to explore Asia’s evolving role in the global economy,” said Williams, 49, who becomes a voting member of the Federal Open Market Committee next year.

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