Federal Reserve Chair Janet Yellen smiles as she participates in a moderated discussion at New York University's Stern School of Business, Tuesday, Nov. 21, 2017, in New York. (AP Photo/Craig Ruttle)
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Federal Reserve Chair Janet Yellen will update Congress on her economic outlook Wednesday and possibly weigh in on the mystery of why inflation has remained persistently below the Fed's target rate.Her successor will be Jerome Powell, a Fed board member who himself addressed a Senate panel Tuesday at his confirmation hearing -- if, as expected, Powell is confirmed by the Senate.During his hearing, Powell said he intended to continue Yellen's policy of gradual increases in interest rates, given that the economy is on firm footing and the unemployment rate is just 4.1 percent, its lowest point in nearly 17 years. The Fed has raised rates twice this year and is expected to do so again in December.
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