US data continued to depict an economy that remains in “steady, if unspectacular recovery”, Barclays analysts commented on Friday: Rises in industrial production were higher than expected in September, and initial jobless claims fell to their lowest level in 10 years. The September Beige Book report of regional Federal Reserve Banks reported modest to moderate growth, in line with the previous month’s report.
The NAHB reported softer housing sentiment in October, but in some experts’ view, the level of sentiment is consistent with continued recovery of the sector.
Yellen’s hands are tied to some extent: the Fed can stimulate consumer borrowing and investment but does not have the power to influence the way jobs are split between ranges.
Watch her speech here at 12.30GMT.