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Fed's Yellen expects rate hike 'some point this year'

Federal Reserve Board Chairwoman Janet Yellen speaks at IMF headquarters in Washington, DC on May 6, 2015Janet Yellen said Friday she expects the Federal Reserve to begin raising interest rates “at some point this year,” saying delaying the long-awaited move risks the economy overheating. The comments came two days after minutes of the Fed’s policy board made clear that slow economic growth in recent months meant it was not expecting to increase the benchmark Fed funds rate before late July, despite earlier forecasts of a mid-year hike. Yellen said she expects the economy to bounce back from the stall in the first quarter, which she attributed to “transitory” factors like severe weather and labor disputes at West Coast ports.

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