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Yellen: Continued pullback in Fed stimulus likely

By The Associated Press

This article was published February 11, 2014 at 7:59 a.m.

WASHINGTON — Federal Reserve Chair Janet Yellen said Tuesday that if the economy keeps improving, the Fed will take "further measured steps" to reduce the support it's providing through monthly bond purchases.

In her first public comments since taking over the top Fed job last week, Yellen said she expects a "great deal of continuity" with her predecessor, Ben Bernanke. She signaled that she supports his view that the economy is strengthening enough to withstand a pullback in stimulus but that rates should stay low to fuel further growth.

Yellen's remarks, prepared for a House committee she will address Tuesday, signal that the Fed will keep its key short-term rate near zero for a prolonged period. That message could be a reassuring one for investors.

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