Yellen seeks to calm markets over looming interest rate hikes

Federal Reserve Chair Janet Yellen sought to tamp down anxiety about the increase in interest rates the central bank is increasingly likely to adopt as early as June this year, assuring lawmakers at a hearing of the Senate Banking Committee that interest rates would remain lower than normal as the economy shakes off the effects of the recession and financial crisis. While sounding an upbeat tone about the economy, Yellen also said that inflation was still running lower than the Fed's 2 percent target and that there was "room for improvement" in labor markets.

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