Overshooting can be costly, says Janet Yellen - now in Q&A following her speech - responding to a question about tightening policy. I hope it's clear, she says, that as the recovery proceeds, the Fed will need to tighten.
On a question about Europe, Yellen says the economy there is being held back by its banking sector. The lesson for U.S. banks: Further strengthening - i.e., more stringent capital requirements.
Previous: In speech, Yellen says Fed committed to accommodation as long as needed.
Equities and Treasury prices are pretty much where they stood prior to Yellen taking the podium in NY.