Yellen said the U.S. economy faces a number of uncertainties that require the Fed to proceed cautiously in raising interest rates. (AP Photo/Evan Vucci)
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Global risks and a U.S. hiring slowdown warrant a cautious approach to raising interest rates as the Federal Reserve looks for confirmation that the country's economic recovery remains on track, Fed Chair Janet Yellen said Tuesday.Some of those clouds remain, Yellen said in comments that seemed to signal no pressing need for the Fed to raise rates.With a weak global economy, low U.S. productivity and other factors holding down interest rates in the long run, Yellen said the Fed's benchmark overnight interest rate is likely to remain low "for some time".The Fed under Yellen has begun nudging rates higher, but also has steadily downgraded its forecasts of the U.S. economy, delayed expected rate increases, and left investors perplexed about what's influencing its decisions.
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