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Federal Reserve Chairman Janet Yellen fielded a variety of questions, some of them hostile, while appearing before Congress Wednesday to present the Fed’s semiannual Monetary Policy Report. However, she maintained a studied, noncommittal attitude in response to the question of when the Fed might raise interest rates.

“If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy,” Yellen said in her statement before the House Financial Services Committee. “Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time.”

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