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Yellen and Fischer's comments at Jackson Hole leave markets right where they started the session.
Federal Reserve Vice Chairman Stanley Fischer tells CNBC the decision on whether to hike interest rates should be looking forward not backward.
Oil prices were higher in a volatile session, as traders reacted to comments from Yellen and reports of missile activity in Saudi Arabia.
Fed Chair Janet Yellen signaled a rate hike could be coming this year, and markets stuck to the view that the most likely time is December.
At Jackson Hole, Fed Chair Janet Yellen voiced optimism about the economy and an expectation that interest rate hikes are ahead.
Wall Street banks get a lift from Janet Yellen's comments as the market begins to price in a near-term rate hike.
Read Fed Chair Janet Yellen's full speech.
"I think the economy is on a good track," Cleveland Fed President Loretta Mester said, "the employment numbers show that."
But St. Louis Fed President James Bullard wouldn't be firm, saying he would like to raise rates on good economic news.
The stakes are particularly high for Janet Yellen on Friday, according to Boris Schlossberg of BK Asset Management.
Gold pared earlier gains in volatile trade amid speeches from U.S. Federal Reserve members.
The dollar inched up on Friday as investors digested a speech from Federal Reserve Chair Janet Yellen.
European stocks seesawed in afternoon trade and closed higher as investors reacted to a speech from Federal Reserve Chair Janet Yellen.
A rate hike from the Fed could spark an Asian stocks sell-off and trigger capital outflows in China, according to Macquarie IM.
Asia markets traded mixed on Friday, after most local markets remained near-unchanged this week ahead of a speech by the Fed chair.
Jim Cramer explained why he chooses not to speculate the Fed when he makes the next investment for his charitable trust.
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