Are Yellen and the White House on a collision course?

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The press conference was actually more interesting than the decision itself, which was widely expected and well telegraphed by the Federal Reserve, but the chairman insisted on two elements which are worthy of attention.

First, even if Ms Yellen has made the assessment that the cycle has improved, it seems the long-term prospects remain as before. The neutral level of interest rates (broadly the rate of interest which...

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