Washington

JANET Yellen's vague message may end up surprising markets more than soothing them. The US Federal Reserve chair deftly parried conflicting calls for more patience and higher interest rates in congressional testimony on Tuesday. What she didn't do is offer clarity on the timing of a rate hike.

Ms Yellen proved once again at her semi-annual appearance before Congress that she can keep cool in the hot seat. She smoothly dodged questions from Senator Elizabeth Warren, a major Wall Street critic, on whether a Fed official's harsh comments about some Dodd-Frank financial reforms were appropriate. She even waved around a copy of the Fed's financial audit while pointedly rebutting calls for closer government scrutiny.