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Yellen Sees Hike ‘Relatively Soon’ and Plans to Serve Full Term

  • Fed chief reiterates that rate increases will be ‘gradual’
  • Says ‘fully my intention’ to remain chair until January 2018
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Fed's Yellen: 'Fully My Intention' to Serve Out My Term

Federal Reserve Chair Janet Yellen said the U.S. central bank is close to lifting interest rates as the economy continues to strengthen, and signaled her intention to remain at the helm until her term ends in January 2018.

A rate hike “could well become appropriate relatively soon if incoming data provide some further evidence of continued progress toward the committee’s objectives,” Yellen said in the text of testimony she delivered Thursday in Washington before Congress’s Joint Economic Committee.