Federal Reserve officials are finding it harder than they first thought to decouple U.S. monetary policy from the rest of the world.
While policy makers opened the door to an interest-rate increase later this year, Fed Chair Janet Yellen suggested they were in no hurry and said the pace of tightening, once begun, would be slower than previously anticipated.
Behind the wary stance: a surge in the dollar, triggered in part by easier monetary policies abroad. The dollar's strength is repressing already too-low U.S. inflation while restraining economic growth.
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