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 ...


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