Yellen sketched a picture of an improving U.S. economy.
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Federal Reserve Chair Janet Yellen sketched a picture Thursday of an improving U.S. economy and said "the case for an increase" in interest rates has strengthened. The Fed is widely expected to raise rates when it meets in mid-December. Yellen said that delaying a hike in the policy rate, known as the federal funds rate, for too long could require the Fed to raise rates "relatively abruptly," which would raise the risks of a recession.In addition, consumer prices rose by 0.4 percent in October, the biggest rise since April and an indication that inflation is starting to move closer to the Fed's target.As she has done before, Yellen stressed that future rate hikes will likely be gradual, largely because the Fed thinks economic conditions do not require rates to go as high as the Fed has pushed them in years past. Trump's election could affect Yellen's Fed in other ways, too.
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