Fed's Yellen expects rates to be close to longer-run neutral rate of 3 pct by end of 2019

Fed's Chairwoman Janet Yellen is speaking at the Commonwealth Club in San Francisco, noting that rate hike expectations will change as economic outlook changes.

Key quotes (via Reuters):

• Says waiting too long to raise interest rates could force U.S. central bank to hike aggressively, pushing economy into recession
• As of December she expected Fed to raise rates a few times a year through 2019
• Low productivity growth explains why dramatic rate hikes probably won't be needed
• Fed's December rate hike reflected confidence U.S. economy will continue to improve
• Economy is near maximum employment, inflation is moving toward fed's 2 pct goal
• Says she estimates 4.75 pct unemployment rate as equivalent to full employment
• It makes sense to reduce monetary policy accommodation gradually as economy approaches Fed's goals