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Richard Shelby
Fed chief expresses caution about raising rates too early
Fed chief expresses caution about raising rates too early

Federal Reserve Chair Janet L. Yellen on Tuesday gave an upbeat assessment of the American job market. But she noted it was not fully healed and reiterated the central bank's stance that it remained "patient" in raising interest rates. "There has been important progress toward the [Fed committee's] objective of maximum employment," Yellen said in prepared remarks to the Senate Banking Committee. "However, despite this improvement, too many Americans remain unemployed or underemployed, wage growth is still sluggish, and inflation remains well below our longer-run objective." Yellen, who began her second year as Fed chief this month, was for the...

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