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FILE - In this July 2, 2014, file photo, Federal Reserve Chair Janet Yellen speaks at the International Monetary Fund in Washington. Yellen testifies to a Senate committee to deliver the Fed's twice-a-year report to Congress on interest-rate policy and the economy on Tuesday, July 15, 2014. (AP Photo/Susan Walsh, File)
FILE - In this July 2, 2014, file photo, Federal Reserve Chair Janet Yellen speaks at the International Monetary Fund in Washington. Yellen testifies to a Senate committee to deliver the Fed's twice-a-year report to Congress on interest-rate policy and the economy on Tuesday, July 15, 2014. (AP Photo/Susan Walsh, File)
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Rosenberg: Yellen may be on to something

After Federal Reserve chair Janet Yellen warned in Congressional testimony on Tuesday that some stock valuations were “stretched”, observers were left pondering when a Fed chief had singled out an asset class before. After all, the Fed’s mandate is restricted to employment and inflation, not the stock market, making comments on equities rare indeed.