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November 14, 2013 AT 6:20 AM
Janet Yellen is telling a Senate panel that the economy has regained ground lost to Great Recession but still needs the Federal Reserve's support because unemployment remains too high at 7.3 percent. Yellen is testifying to the Senate Banking Committee, which is considering her nomination to be the next chairman of the Fed. She says the economy is still performing far below its potential. And she points out that inflation is running below the Fed's 2 percent target.