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Yellen said on May 7 that a high degree of monetary accommodation remains warranted as inflation and employment fall short of the Fed's congressionally-mandated goals.
In a bid to soothe markets, Draghi said the ECB was still "determined to maintain the high degree of monetary accommodation and to take further decisive action if required".
A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases.
Participants agreed that the central bank's focus continued to be on providing appropriate monetary accommodation to promote a stronger recovery in the context of price stability and so judged that additional discussion regarding policy normalization should be deferred.
Looking to the future, our analysis suggests that ongoing monetary accommodation is unlikely to have significant inflationary consequences, as long as inflation expectations remain anchored.
The monetary accommodation, known as QE3, involves expanding the Fed's purchase of agency mortgage-backed securities at a pace of $40 billion per month.
He added that the Federal Open Market Committee was prepared to "provide additional monetary accommodation through unconventional measures if it proves necessary, especially if the outlook were to deteriorate significantly".
When it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity to that which we pursued monetary accommodation," Dallas Federal Reserve President Richard Fisher said on Tuesday.
The most telling evidence is the FOMC's inability to communicate to the market what will be required to remove the substantial monetary accommodation it has supplied over the past several years without triggering home-grown inflation pressures.
Currently we have the difficult task of assessing the appropriate time to move away from an extended period of monetary accommodation.
In 2017, ongoing monetary accommodation has helped improve macrofinancial conditions in the advanced economies, including the euro area economy, which has continued to expand.
Governor Raghuram Rajan said, 'Given low capacity utilisation and still-weak indicators of production and credit off-take, it is appropriate for the Reserve Bank to be pre-emptive in its policy action to utilise available space for monetary accommodation.