The U.S. economy will end the year in better shape than 2013 despite the slow start to the first quarter, Federal Reserve Chairwoman Janet Yellen said Wednesday. "With the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already under way, putting the overall economy on track for solid growth in the current quarter," Yellen said in remarks prepared for the Joint Economic Committee of Congress. Yellen said she expects growth will expand at a "somewhat faster pace" this year than the 1.9% growth rate seen in 2013. Yellen said that one risk is the slowdown in the housing sector could be more protracted than expected. Yellen said that labor market conditions have improved but remain far from satisfactory. The Fed chairwoman said given the slack in the economy a high degree of monetary accommodation remains warranted. She once again emphasized a flexible policy path that would respond to changes in the outlook. On financial stability, Yellen said there is some evidence of "reach for yield behavior" in the corporate bond market, but said duration and credit risks to large banks and life insurers appear modest. More generally, asset values remain within norms, she said