We have been watching closely the recent volatility in global financial markets. Our sense is that at this stage these developments do not pose a substantial risk to the U.S. economic outlook.

from Janet Yellen – Semiannual Monetary Policy Report to the Congress on Rap Genius

Meaning

Reminiscent of Ben Bernanke, from 2007:

Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear. The ongoing tightening of lending standards, although an appropriate market response, will reduce somewhat the effective demand for housing, and foreclosed properties will add to the inventories of unsold homes. At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.

Which isn’t to say that Bernanke and Yellen aren’t smart, in fact they’re both probably extremely smart, but it’s really difficult to forecast what’s going to happen to the economy!

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