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Federal Reserve

Yellen says pace of future rate hikes could be slowed

Federal Reserve Chair Janet Yellen said the U.S. economy faces a number of global threats that could derail growth and compel the Fed to slow the pace of future interest rate hikes.

In her semiannual report to Congress Wednesday, she noted the widening fallout from concerns over China's weaker currency and economic outlook, which is rattling financial markets around the world.

While the Fed expects to raise interest rates gradually, they are not on any preset course, she said. The Fed would likely move slower "if the economy were to disappoint."

Yellen did mention in her prepared comments to the House Financial Services Committee that it was possible that...