Yellen: Stock market turbulence 'could weigh' on growth

Janet Yellen offered few hints Wednesday morning about the Federal Reserve's plans for this year, but she did acknowledged that stock market turmoil and market concerns about the risk of a recession could alter the Fed's thinking.

In prepared testimony posted to the Fed's website Wednesday morning, Yellen emphasized that "monetary policy is by no means on a preset course," a sign that the Fed is not committed to further rate hikes this year.

Elsewhere in her testimony, however, Yellen acknowledged the recent drop in stocks and bond yields, saying that tighter financial conditions "could weigh on the outlook" for the real economy. If the market turbulence slowed actual economic growth, it would be cause for the Fed to delay tightening.

Yellen also, noted, though, that job growth remains strong and that the outlook is uncertain. She still expects the economy to continue growing with "gradual" adjustments in the Fed's interest rate policies.