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- Fed's Yellen says is not envisioning a predictable path, but the path of rate hikes is likely to be gradual
Fed's Yellen says is not envisioning a predictable path, but the path of rate hikes is likely to be gradual
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To get to a neutral stance would require a bit more tightening but not an excessive amount
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Path of rate hikes is subject to a great deal of uncertainty, not set in stone
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Path of rate increases won't necessarily be predictable
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Shrinking balance sheet will put some upward pressure on term premiums
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Term premiums are narrow in part because of spillovers from international monetary policy
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