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Yellen stresses Fed foresees gradual pace of rate hikes and will ‘proceed cautiously’

NEW YORK – Fed Chair Janet Yellen said Tuesday the Fed still envisions a gentle pace of interest rate increases considering global pressures that could weigh on the U.S. economy.

Yellen did not specify a timetable for further hikes to follow along with the Fed’s rate rise in December from record lows. She said the risks towards the Usa remain limited but cautions that that assessment is susceptible to “considerable uncertainty.”

In prepared remarks towards the Economic Club of recent York, the Fed chair said the central bank is monitoring the results of the global economic slump, lower oil prices and stock market turbulence. She asserted given the risks, the Fed will “proceed cautiously” in raising rates.

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