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Fed Chair Yellen sees rate hike 'later this year'

Federal Reserve Chair Janet Yellen speaks at the Federal Reserve on June 17, 2015 in Washington, DCThe Federal Reserve left its benchmark interest rate unchanged at near zero Wednesday, but Chair Janet Yellen said the first hike in nine years would likely come “later this year”. After a two-day policy meeting, the US central bank’s Federal Open Market Committee again demurred on an increase in the federal funds rate, even as the FOMC saw the economy rebounding from the contraction in the first quarter. “My colleagues and I would like to see more decisive evidence that a moderate pace of economic growth will be sustained, so the conditions in the labor market will continue to improve and inflation will move back to two percent,” she said.

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