Unfazed by the recent global turmoil, Federal Reserve Chairwoman Janet L. Yellen offered an optimistic outlook for the U.S. economy, including workers' wages, and reaffirmed that the central bank is likely to begin raising interest rates later this year.
During a three-hour congressional hearing Wednesday that at times became confrontational, Yellen pushed back against lawmakers calling for stronger oversight of the Fed.
House Republicans in particular have been increasingly critical of the Fed's monetary policymaking and regulatory activities, and have pressed for greater transparency and accountability.
While defending the Fed's independence, Yellen's comments on the economy made clear that despite the problems in Greece and China, she saw the U.