(RECAP: Federal Reserve Chair Janet Yellen said on Tuesday the U.S. central bank should proceed “cautiously” as it looks to raise interest rates, because inflation has not yet proven durable against the backdrop of looming global risks to the U.S economy. In her first comments since the Fed chose to hold rates steady two weeks ago, Yellen again pointed to threats to the world’s largest economy including low oil prices and concerns over China’s economy. “Developments abroad imply that meeting our objectives for employment and inflation will likely require a somewhat lower path for the federal funds rate than was anticipated in December,” when the Fed raised rates for the first time in a decade, Yellen said.)

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