Fed Chair Janet Yellen told Congress that the central bank is keeping its eye on inflation.
The central bank is missing its 2 percent target, with inflation currently running around 1.4 percent.
By Jeff Cox | CNBC
The Federal Reserve could scale back on its expected pace of interest rate hikes if inflation continues to be soft, Chair Janet Yellen told Congress.
Under questioning over why the central bank remains committed to normalizing policy even as price and wage pressures remain muted, Yellen said the Fed is aware of the softness in data and will react if necessary.
