Federal Reserve officials are finding it harder than they firstthought to decouple U.S. monetary policy from the rest of theworld.
While policy makers opened the door to an interest-rate increaselater this year, Fed Chair Janet Yellen suggested they were in nohurry and said the pace of tightening, once begun, would be slowerthan previously anticipated.
Behind the wary stance: a surge in the dollar, triggered in partby easier monetary policies abroad. The dollar's strength isrepressing already too-low U.S. inflation while restrainingeconomic growth.
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