Fed's Yellen says global turmoil bears 'close watching'

WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen said on Wednesday that developments in global financial markets bear close watching. "We recognize that these developments may have implications for the outlook," Yellen told a committee of lawmakers on Capitol Hill, adding that monetary policy is not on a preset course. (Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama)