Federal Reserve Chair Janet Yellen, right, arrives for a dinner during the Jackson Hole Economic Policy Symposium at the Jackson Lake Lodge in Grand Teton National Park near Jackson, Wyo. Thursday, Aug. 21, 2014. (AP Photo/John Locher)
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U.S. labor markets remain hampered by the effects of the Great Recession and the Federal Reserve should move cautiously in determining when interest rates should rise, Fed Chair Janet Yellen said Friday in a defense of her policy approach.In a speech at a central banking conference, Yellen laid out in detail why she feels the unemployment rate alone is inadequate to evaluate the strength of the U.S. job market.Yellen's speech included lengthy references to the possibility that labor markets may in fact be tighter then they seem, and the Fed may be at risk of having to raise rates sooner and faster than expected.Yellen wants to be sure employment has recovered as fully as possible before raising rates.
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