The U.S. financial situation “deteriorated” since the most recent Federal Open Market Committee meeting in October, causing Federal Reserve Bank of San Francisco president Janet L. Yellen to reconsider projections for growth.

Yellen supported the recent FOMC moves as “forward-looking and preemptive,” she told the Seattle Community Development Roundtable and Chamber of Commerce Board of Trustees late Monday, according to prepared text of the speech released by the Fed.

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