Janet L Yellen: Commodity prices, the economic outlook, and monetary policy Speech by Ms Janet L Yellen, Vice Chair of the Board of Governors of the Federal Reserve System, at the Economic Club of New York, New York, 11 April 2011. *  *  *  Good afternoon.
Looking at domestic demand components such as private consumption, the negative impact of the ending of environmentally friendly car subsidies has recently diminished, and consumption remains resilient despite several negative factors affecting income such as the decrease in winter bonuses (charts 20 and 21).