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Yellen Says ‘High Degree’ of Accommodation Still Needed
The Federal Reserve must continue to spur economic growth as indicators for inflation and employment remain far from the central bank’s goals, Chair Janet Yellen said. “A high degree of monetary accommodation remains warranted,” Yellen said today in testimony prepared for delivery to the Joint Economic Committee of Congress. “Many Americans who want a job are still unemployed,” and inflation is below the central bank’s 2 percent target, she said. Data show “solid growth” in the second quarter, bolstering the case for a faster expansion this year, Yellen said. Gains in household wealth from rising home ... (full story)
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