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Yellen: Pockets of stubbornly high unemployment remain

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Despite the recovering economy and a substantially improved job market, pockets of persistently high unemployment remain in lower-income and minority communities, Fed Chairwoman Janet Yellen said Tuesday. Fed interest-rate policy is not the best tool to combat this problem, Yellen said in a speech to the National Community Reinvestment Coalition meeting. Instead, there is a need for “effective workforce development options for these communities,” she said. These programs should include vocational training and apprenticeships as not every student can afford a two-or-four year college degree, Yellen said. The Fed chief did not discuss the economic outlook or monetary policy in her prepared remarks.

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