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During a two-day conference sponsored by the Federal Reserve, the European Central Bank and the Federal Reserve Bank of New York, Federal Reserve Chair Janet Yellen said it is time for the Fed to start focusing on globalization. Yellen said that the Fed’s ability to fulfill its mandates for full employment and price stability depends on understanding global markets and how U.S. policy affects other economies around the world.

“Because the economy and financial system are becoming increasingly globalized, fulfilling these objectives requires us to achieve a deep understanding of how evolving developments in financial markets and economies around the world affect the U.S. economy,” Yellen said at the Global Research Forum on International Macroeconomics and Finance in Washington.

Central banks worldwide face varying policy needs as the U.S. and U.K. near the time to raise rates and the ECB and Bank of Japan begin new efforts to prevent stagnation, Bloomberg reports.

The Federal Reserve remains poised to start raising U.S. interest rates by mid-2015, according to a Reuter’s poll of economists, but at a pace that’s well short of the Fed’s expectations. Twenty-four of forty-three economists polled by Reuters said the Fed will likely start raising short-term interest rates in June of next year. Seven expected an earlier start, while eleven believed the first rise will come in September or later. The median forecast of 38 economists for the federal funds rate at the end of 2016 was 2.20%, compared with the Fed’s median forecast of 2.88%. Economists also had a lower forecast for 2017, at 3.30%, than the Fed, which expects 3.75%.

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.