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The former Federal Reserve chair said there were no signs of extreme movements in the U.S. real estate and financial markets.
U.S. Treasury Secretary Jack Lew said conversations between central bankers in the U.S. have shown they understand the need to clearly communicate.
The Fed vice chairman said it was "misleading" to give so much importance to the first interest rate hike.
U.S. consumers were a little more about the economy in May, according to a report released Tuesday.