Much has been made of last Friday's speech by Federal Reserve Chair Janet Yellen. The key takeaway was that the pace of rate hikes — expected to start in June or September — could be reversed, stopped or slowed should the economy falter or inflation fail to recover. The latter is looking more and more likely, increasing the odds that the Fed will have to be satisfied with a "one-and-done" or "none-and-done" policy tightening cycle this year.
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