Yellen, the first woman to head both the Federal Reserve and the Treasury Department, said no one respects the Fed's independence more than she does.
She said she is confident that the central bank will work to achieve its dual mandate of maximum employment and stable prices.
Yellen said she expects any increase in inflation will be transitory and not a sign that price pressures will rise to worrisome levels. That's the same position held by her successor at the Fed, Jerome Powell.
She said she did not expect inflation problems to arise but if they do, “the Fed can be counted on to address them.”