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Fed Chair Janet Yellen is testifying before the House Financial Services Committee Wednesday on monetary policy and state of the economy.

On Tuesday, Yellen said waiting too long to raise interest rates would be "unwise" as economic growth continues and inflation rises. Repeating caution that she and other central bank officials have issued in recent months, Yellen said that even though the Fed expects to hike gradually and to keep policy accommodative, getting rates back to normal levels is important and hikes will be considered ahead.