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Fed Chair Yellen: ‘Unwise’ to wait too long to hike interest

Waiting too long to raise interest rates would be “unwise” as economic growth continues and inflation rises, Fed Chair Janet Yellen told Congress on Tuesday. Repeating caution that she and other central bank officials have issued in recent months, Yellen said that even though the Fed expects to hike gradually and to keep policy accommodative, getting rates back to normal levels is important and hikes will be considered ahead. Market reaction was prompt, with government bond yields jumping on the news.

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