Yellen defends stimulus program

If you liked Ben Bernanke, chances are, you'll also like Janet Yellen. President Obama's pick as the next Federal Reserve chief defended the central bank's very loose monetary policy of bond purchases at her confirmation hearing before the Senate Banking Committee.

SOUNDBITE: JANET YELLEN, VICE CHAIRWOMAN, FEDERAL RESERVE, (ENGLISH) SAYING:

"I consider it imperative that we do what we can to promote a very strong recovery."

In balanced remarks delivered in a calm demeanor, Yellen said the bond purchases couldn't last forever. But she gave no hints of when the Fed would scale back its stimulus program, saying as her boss did, that it depends on future data.

Moody's Analytics chief economist John Lonsky:

SOUNDBITE: JOHN LONSKY, CHIEF ECONOMIST, MOODY'S ANALYTICS, (ENGLISH) SAYING:

"She seems to be very unsatisfied with the labor market situation. Yellen believes there's significant underutilization of the labor force, that there's room for improveme