Fed chief Janet Yellen holds first press conference

Federal Reserve chief Janet Yellen made her first public statement on Wednesday afternoon, when she announced a $10 billion cut to monthly bond buying, dropping it to $55 billion.

Yellen took the reins of the central bank in February from former chief Ben Bernanke, who led the organization for eight years.

Yellen is the first woman to lead the Fed in its 100-year history

A live stream of Yellen's press conference began at 2:30 p.m.