The Latest: Yellen fields praise and criticism from House lawmakers on Fed policies

Markets Associated Press

The latest on Federal Reserve Chair Janet Yellen's mid-year economic outlook and testimony to Congress (all times local):

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10:15 a.m.

Republican and Democratic members of the House Financial Services Committee had clashing views on the economy and the performance of the Federal Reserve during Chair Janet Yellen's appearance Wednesday before Congress.

Committee Chairman Jeb Hensarling, R-Texas, says the U.S. economy remains mired in "lackluster, halting economic growth" and that the Fed has contributed to problems with its flawed policies. He says the economy would be healthier if the Fed followed more predictable rules that govern how it manages interest rates.

But Rep. Maxine Waters of California, the top Democrat on the committee, praises the policies being followed by the Fed, saying they helped to create nearly 13 million private sector jobs. She says the Fed needs to be careful in deciding when to start raising interest rates in order to gauge such a move's impact on the economy.