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Fed consensus coming apart amid unease over low inflation

Officials' debate during June 13-14 meeting highlights divisions over timing of when to shrink balance sheet

Fed chief Janet Yellen is trying to manage a deft exit from unprecedented policy stimulus without roiling bond markets or slowing growth.


THE Federal Reserve's consensus about when to shrink its balance sheet and how to approach policy strategy in a time of low inflation is starting to fragment.

Fed officials continued to view gradual interest-rate increases as appropriate while starting the process of...