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Yellen: It's later than you think [Commentary]
Yellen: It's later than you think [Commentary]

To head off a tough bout with stagflation — slow growth and high inflation — the Federal Reserve should start raising interest rates soon. Most economists expected 2014 to be a breakout year. A surge in new home construction was expected to instigate growth and job creation throughout the economy, even as inflation remained reasonably tame. But so far the reverse appears to be happening. Over the last year, consumer prices are up 2.0 percent — nicely within the Fed's target range — but in recent months, food and energy prices have increased strongly. Sales to China and poor growing conditions are making milk expensive and steak a special occasion luxury...