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Fed will lift later this year if...

"Most FOMC participants, including myself, currently anticipate that achieving these conditions will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter. But if the economy surprises us, our judgments about appropriate monetary policy will change."

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Read more: FedMonetary PolicyFOMCU.S.Wall StreetInflation DynamicsUS Federal ReserveJanet YellenPhilip Gamble Memorial LectureUniversity of Massachusetts