Yellen: Slow recovery confounds economists' expectations

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WASHINGTON - Federal Reserve Chair Janet Yellen said Friday that the slow recovery from the Great Recession has surprised economists, confounding long-held beliefs about growth and inflation. Her remarks could help explain why the Fed has been reluctant to raise U.S. interest rates.

Speaking to an economic conference at the Federal Reserve Bank of Boston, Yellen did not address the Fed's timetable for rates. The central bank is widely expected to resume raising rates in December, a reflection of an improved economy.

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