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Yellen: Expects any spillover from weakening Russian economy would be 'small'

The Fed is unlikely to start its rate hike process for "at least the next couple of meetings," Fed Chair Janet Yellen said on Wednesday.

Yellen is holding her last news conference of 2014, with all eyes on the central bank's plan for rate hikes next year.

The Fed surprised someWednesday by leaving the phrase "considerable time" in its statement, but as a reference to the timing of rate hikes rather than a policy.

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