Fed's Yellen speech: As short term interest rates rise, banks will compete for deposits, raise deposit rates

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from Congress members with the key quotes, via Reuters, found below:

• Seeing some upward movement of rates on larger certificates of deposit
• As short-term interest rates rise, banks will compete for deposits, raise deposit rates
• Not looked into individual transactions at Deutsche Bank
• Aging population putting downward pressure on labor force participation

Key Notes:

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About Janet Yellen

Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.