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The Federal Reserve may act sooner than planned to start dialing back low-interest rate policies

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No one wants to relive the double-digit inflation of the 1970s, Yellen told the Senate Finance Committee on Wednesday

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Spending is expecting to shift to services from goods through the rest of the year

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Although U.S. stocks have performed well, valuations are looking pricey

Businessman Using Calculator With Piggybank And Stack Of Coins On Desk

The U.S. saw inflation rise by 5% over the last 12 months, the biggest jump since 2008

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The central bank can help assess risks, but Fed chair Jerome Powell said the private sector, elected officials must take the lead

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Many companies are struggling to find enough workers, even as the economy rapidly recovers

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U.S. jobless claims declined for the fifth week in a row to 385,000

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Growth in April and May accelerated despite supply disruptions

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That's a pullback from the 4.7% spending surge in March, but the drop was expected