The Federal Reserve expects a “gradual” increase in interest rates and for balance sheet normalization to begin this year, according to the monetary policy report released Friday. That’s the same assessment the Federal Open Market Committee gave after its June meeting, and comes ahead of Federal Reserve Chairwoman Janet Yellen’s testimony on Capitol Hill next week. Also of note were the special topics the Fed chose to address: education’s impact on economic opportunities, the global productivity slowdown, liquidity in the corporate bond market and monetary policy rules.
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