Fed Chair Janet Yellen said that a cautious approach to monetary policy is appropriate and that the slowdown in parts of the economy was not expected.Federal Reserve Chairwoman was speaking in press conference after deciding to leave the target for the fed funds rates unchanged at 0.25%-0.50% as expected.Fed's Yellen reiterated that the pace of labor market improvement has slowed markedly and says May's data suggests that less people are actively seeking jobs. She said it is difficult to understand the slowdown in the job market.Regarding of teh timing of future rate hikes, Yellen said “every meeting is live,” and no meeting is off the table. It is not Impossible that by July meeting data is more positive, she said. However, few analysts are expecting a July rate hike and September/December seem more likely. She added that the FOMC doesn’t take the US presidential election into account.She noted that Brexit referendum was something that was discussed by the FOMC and a factor in the rate decision as it could affect US economic outlook and hence monetary policy.