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Janet Yellen, taking charge as Federal Reserve chairman, let lawmakers know she's united with her policy committee and sees few risks that could derail a plan to steadily reduce the Fed's bond purchases.Yellen, testifying to the House Financial Services Committee Tuesday, said she was surprised by reports showing weaker job growth yet wants to see more data before assessing the health of the labor market. Global financial-market turbulence doesn't pose a major risk to the U.S. economy, she said, and inflation is likely to move up toward the Fed's 2 percent target – even after missing it for almost two years. The Fed last month announced its second consecutive $10 billion reduction to its bond purchase program, to $65 billion, citing progress toward its goal of maximum employment.On the path of the federal funds rate, Yellen also stayed close to the Federal Open Market Committee's recent statements. Fed officials have said they wouldn't consider raising the benchmark lending rate so long as unemployment stays above 6.5 percent and the outlook for inflation is no more than 2.5 percent.
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