Yellen Says Don't Overinterpret Removal of Word 'Only'

The transcript discusses the Federal Reserve's decision to make a modest adjustment to the federal funds rate, emphasizing that this change is minor and aligns with previous economic projections. The economy is progressing as expected, showing resilience, and if this trend continues, further gradual rate increases may be appropriate. The overall economic outlook remains unchanged, with a focus on gradual adjustments to maintain stability.

What is the speaker's overall view on the current state of the economy?

What does the speaker mean by 'gradual increases' in the context of the federal funds rate?