A careful Fed Chair Janet Yellen held the line at the press conference following the Federal Reserve policymakers' two-day meeting.<br /> <br />Making it clear- she is not defining when a rate hike will come:<br /> <br />SOUNDBITE: JANET YELLEN, CHAIR, U.S. FEDERAL RESERVE (ENGLISH) SAYING:<br /> <br />"There is no mechanical formula for what a considerable time means. The answer is it depends. It depends on how the economy progresses."<br /> <br />The Fed cut this year's forecast for U.S. economic growth to between 2.1 and 2.3 percent- from 2.9 percent- but kept forecasts for the next two years unchanged.<br /> <br />She also indicated she didn't consider stocks overvalued - pushing the S&P 500 to a new record high.<br /> <br />SOUNDBITE: JANET YELLEN, CHAIR, U.S. FEDERAL RESERVE (ENGLISH) SAYING:<br /> <br />"The committee doesn't try to gauge what is the right level of equity prices, but we do certainly monitor a number of different metrics that give us a feeling for where valuations are relative to things like earnings or
