Fed's Yellen: Decision to not to raise rates doesn't reflect lack of confidence in economy

During the FOMC Press Conference, Fed's Chairwoman Janet Yellen stated that the decision to remain hold at this week's meeting was due to labour market's slack and low inflation and highlighted that the current monetary policy should be viewed as "modestly" accommodative.

Key headlines from Yellen's speech (via Reuters):

• Fed judged case for increase in rates has strengthened
• Says decided to wait for further evidence towards objectives
• Economic growth appears to have picked up
• Household spending continues to be key source of growth
• Fed expects economy to expand at moderate pace over next few years
• Most measures of labor market slack have shown little change this year
• Fed continues to expect labor market to strengthen over time
• Overall consumer price inflation still short of 2 pct objective
• Expects core inflation to rise to 2 percent on back of strong job gains over next 2-3 years
• Inflation expectations reasonably well anchored
• Fed is fully committed to achieving 2 pct inflation objective
• Fed's cautious approach all the more appropriate given rates near zero
• Neutral rate is currently quite low by historical standards
• There appears little risk of falling behind curve in near future
• Says gradual increases in federal funds rate likely sufficient to get to neutral policy stance
• Says policy not on preset course
• Says economic outlook is inherently uncertain