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Fed's Yellen Says U.S. Recovery Incomplete, Defends Loose Policy

The U.S. economic recovery remains incomplete, with a still-ailing job market and stagnant wages justifying loose monetary policy for the foreseeable future, Federal Reserve Chair Janet Yellen told a Senate committee on Tuesday. In a strong defense of the central bank's current stance, Yellen said that early signs of a pickup in inflation aren't enough for the Fed to accelerate its plans for raising interest rates, a move currently expected in the middle of next year.

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