Yellen greets Jacob Frenkel, chairman of the board of trustees of the Group of Thirty, in Jackson Hole. (AP Photo/John Locher)
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Pressure is building within the Federal Reserve for officials to move as early as next month to more clearly acknowledge improvements in the U.S. economy and lay the groundwork for the central bank's first interest rate hike in nearly a decade.At issue is a 5-month-old pledge from the Fed to keep benchmark rates near zero for a "considerable time" after it shelves an asset-purchase program in October.Plosser dissented against the "considerable time" line at the Fed's last meeting in late July.Aside from an unpredictable market reaction, Fed Chair Janet Yellen will have to contend with a potentially uncooperative world economy that could upend U.S. economic progress.As it stands, investors and the core of Fed policymakers expect to hold off raising rates until the middle of next year.Minutes from the Fed's last meeting in July showed that many participants disagreed with parts of the statement, including the description of the degree of labor market slack and the timing of a rate hike.
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