Federal Reserve Chair Janet Yellen said on Thursday that recent data pointed to a softening in spending in the U.S. economy which might partly be explained by the impact of bad weather.
"Since my appearance before the House committee, a number of data releases have pointed to softer spending than many analysts have expected," Yellen said in testimony to the Senate Banking Committee.
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"Part of that softness may reflect adverse weather conditions, but at this point it's difficult to discern exactly how much. In the weeks and months ahead, my colleagues and I will be attentive to signals that indicate whether the recovery is progressing in line with our earlier expectations."
(Reporting by Tim Ahmann; Editing by Paul Simao)