The Presidential Daily Brief

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    Janet Yellen: Global Turbulence Could Hurt Growth

    All bets are off … for an interest rate hike. The Federal Reserve Chair told the U.S. House Financial Services Committee this morning that financial conditions in America — including declines in equity prices, higher high-risk borrowing rates and an even stronger dollar — “have recently become less supportive of growth.” China’s economic downturn, and shaky markets elsewhere could further impact U.S. growth, she told lawmakers. U.S. stocks opened higher after her speech, and investors worldwide will be staying tuned for any hints at policy directives when Yellen addresses the Senate tomorrow.

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