9  For an authoritative, recent statement by Chair Yellen, see Janet L. Yellen (2014), “Monetary Policy and Financial Stability,” speech delivered at the 2014 Michel Camdessus Central Banking Lecture, International Monetary Fund, Washington, D.C., July 2.
Second, in response to low long-term rates and to investors' concerns arising from some high-profile, unanticipated meltdowns, firms have greatly strengthened their balance sheets. Many firms have refinanced high-cost debt, a move that has reduced the average interest rate on the debt of nonfinancial corporations by about 1 percentage point, on net, since the end of 2000.