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Yellen sticks to 2015 timeline for first US rate hike

Federal Reserve Chairwoman Janet Yellen testifies before the House Financial Committee on July 15, 2015 on Capitol Hill in Washington, DCIn testimony to Congress, Yellen expressed confidence in the economy picking up pace in the coming months, suggesting it could surprise on the upside. The labor market still showed “some” slack, she noted — one reason accommodative monetary policy was still merited despite the unemployment rate having dropped to 5.3 percent. “Too many people are not searching for a job but would likely do so if the labor market was stronger,” Yellen said.

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