Federal Reserve Chairman Janet Yellen looks at her papers before a hearing of the Joint Economic Committee on Capitol Hill, November 29, 2017, in Washington, DC. / AFP / Brendan Smialowski
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Outgoing Federal Reserve Chair Janet Yellen offered an upbeat assessment of the U.S. economy Wednesday, saying the growth rate has picked up the pace in recent months. She reaffirmed that the Fed expects to raise interest rates only gradually. Yellen noted that despite solid growth and an unemployment rate of 4.1 percent, 6 points below the 2010 peak, wage growth has been modest and inflation has continued to run below the Fed's 2 percent target.Trump earlier this month nominated Powell to replace Yellen, the first woman to lead the Fed.As Congress moves closer to enacting a massive tax cut, Yellen said there are steps it can take to boost the growth capacity of the U.S. economy.
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