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Sean Duffy

Yellen defends Fed policies from critical House lawmakers

Federal Reserve Chair Janet Yellen said Wednesday she is encouraged by signs that the economy is reviving after a brutal winter. And if the improvements stay on track, the Fed will likely start raising interest rates later this year. Yellen, however, downplayed the importance of the timing of the first rate hike as she delivered the Fed's mid-year economic outlook to Congress. Interest rates will remain at very low levels "for quite some time after the first increase," she said. Yellen spent three hours Wednesday addressing the House Financial Services Committee in the first of two days of testimony. While the session began with her optimistic assessment of the economy, it...