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Fed chief Janet Yellen expects gradual approach to rate hike

WASHINGTON — Federal Reserve Chairwoman Janet L. Yellen said the central bank was likely to take a more cautious and gradual approach toward raising interest rates than in the past, reflecting a weak economy and other risks of tightening monetary policy too quickly. In a speech Friday in San Francisco, Yellen again signaled that economic conditions would probably prompt the Fed later this year to push up its benchmark interest rate from the near-zero level where it has been since December 2008. The Fed chief said she expected the economy to bounce back after a sluggish start this year, with consumer spending picking up and enabling further gains in the job market. Many analysts...

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