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Yellen stands by Fed’s low interest rate policies

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WASHINGTON — Janet Yellen told a Senate panel today that the economy has regained ground lost to Great Recession but still needs the Federal Reserve’s support because unemployment remains too high at 7.3 percent.

Yellen testified before the Senate Banking Committee, which is considering her nomination to be the next chairman of the Fed.

She said the economy is still performing far below its potential, and she pointed out that inflation is running below the Fed’s 2 percent target.

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