Yellen To Back Bond-Buying Program At Confirmation Hearing

(RTTNews) - Federal Reserve Vice Chairman Janet Yellen, nominated by President Barack Obama lead the central bank for the next four years, will tell Congress she supports the massive bond-buying program crafted by outgoing Chairman Ben Bernanke.

"We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession," Yellen said in remarks prepared for Thursday's confirmation hearing before the Senate Committee on Banking, Housing, and Urban Affairs.

Gains in manufacturing and housing have helped drive modest economic growth this year, but Yellen warned that unemployment remains too high for the Fed to consider significantly scaling back its $85 billion a month in asset purchases.

"A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases," Yellen added.

"I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy."