Federal Reserve chairwoman Janet Yellen testified at a Committee On Banking, Housing, And Urban Affairs hearing and explained why the unemployment rate fell in May.

"The unemployment rate fell to 4.7 percent in May, but that decline mainly occurred because fewer people reported that they were actively seeking work," Yellen said Tuesday morning. "A broader measure of labor market slack that includes workers marginally attached to the workforce and those working part-time who would prefer full-time work was unchanged in May and remains above its level prior to the recession."

Yellen said Tuesday that the US economy faces a number of uncertainties that require the Fed to proceed cautiously in raising interest rates.



"The federal funds rate is likely to remain for some time below the levels that are expected to prevail in the longer run because of headwinds which include restraint on U.S. economic activity from economic and financial developments abroad, subdued household formation and meager productivity group mean that the interest rate needed to keep the economy operating near its potential is low by historical standards," Yellen said.

Donald Trump attacked Hillary Clinton as an anti-American globalist in a major speech in New York Wednesday.

"Our country lost its way when we stopped putting the American people really first," he said. "We got here because we switched from a policy of Americanism – focusing on what’s good for America’s middle class – to a policy of globalism, focusing on how to make money for large corporations who can move their wealth and workers to foreign countries all to the detriment of the American worker and the American economy."

"This is not a rising tide that lifts all boats," he said. "This is a wave of globalization that wipes out our middle class and our jobs."

"They totally own her," he said about foreign nations' influence over the Democratic frontrunner. "And that will never change."

Transcript via Politico:

DONALD TRUMP: Together, she and Bill made $153 million giving speeches to lobbyists, CEOs, and foreign governments in the years since 2001.

They totally own her, and that will never change.

The choice in this election is a choice between taking our government back from the special interests, or surrendering our last scrap of independence to the total and complete control of people like the Clintons.

Those are the stakes. Hillary Clinton wants to be President. But she doesn't have the temperament, or, as Bernie Sanders' said, the judgement, to be president. She does not have the judgment. She believes she is entitled to the office.

Her campaign slogan is "I’m with her."

You know what my response to that is?

I’m with you: the American people.

She thinks it’s all about her. I know it’s all about you – I know it’s all about Making America Great Again for All Americans. For All Americans.

Our country lost its way when we stopped putting the American people really first. We have to go back to putting our American people first.

We got here because we switched from a policy of Americanism – focusing on what’s good for America’s middle class – to a policy of globalism, focusing on how to make money for large corporations who can move their wealth and workers to foreign countries all to the detriment of the American worker and the American economy.

We reward companies for offshoring, and we punish companies for doing business in America and keeping our workers employed. They get punished!

This is not a rising tide that lifts all boats. This is a wave of globalization that wipes out our middle class and our jobs.

We need to reform our economic system so that, once again, we can all succeed together, and America can become rich again.

That’s what we mean by America First.

Our country will be better off when we start making our own products again, bringing our once great manufacturing capabilities back to our shores.

Our Founders understood this. One of the first major bills signed by George Washington called for “the encouragement and protection of manufactur[ing]” in America.

Our first Republican President, Abraham Lincoln, warned us by saying: “The abandonment of the protective policy by the American government will produce want and ruin among our people.”
I have visited the cities and towns across America and seen the devastation caused by the trade policies of Bill and Hillary Clinton.

Hillary Clinton supported Bill Clinton’s disastrous NAFTA, just like she supported China’s entrance into the World Trade Organization.

We’ve lost nearly one-third of our manufacturing jobs since these two Hillary-backed agreements were signed.
Our trade deficit with China soared 40% during Hillary Clinton’s time as Secretary of State -- a disgraceful performance for which she should not be congratulated, but rather scorned.

Then she let China steal hundreds of billions of dollars in our intellectual property – China has taken it -- a crime which is continuing to this day. Hillary Clinton gave China millions of our best jobs, and effectively let China completely rebuild itself.

In return, Hillary Clinton got rich!