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January 09, 2014 AT 4:38 AM
Janet Yellen, set to take over as head of the Federal Reserve next month, is "hopeful" that U.S. economic growth will accelerate in 2014 to reach 3 percent or more and persistently low inflation will move up toward the central bank's target, according to a Time magazine interview released Thursday. "I think we'll see stronger growth this year," Yellen said in the interview, released online ahead of the Time edition's January 20 publishing date.