Remarks Wednesday from America's top central banker helped boost equity markets.
In a prepared statement set for delivery later on in the day, Federal Reserve Chair Janet Yellen said the central bank is likely to start reducing its massive $4.5-trillion portfolio later this year. The Fed bolstered the portfolio, known as the balance sheet, as a way to stimulate the economy during and after the financial crisis.
She also said the balance sheet reduction and rate increases would be gradual. Yellen also noted rates won't have to rise as much to get to neutral, as in the past.
Yellen is expected to deliver her remarks in front of Congress later on Wednesday. She is also expected to answer questions about monetary policy and the health of the U.S. economy.
