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Market Snapshot: Stocks waver as Fed officials hint that time is ripe for a rate hike

U.S. stocks headed south on Thursday as hints from Federal Reserve officials that a rate increase may be warranted soon weighed on sentiment ahead of the much-anticipated speech by Fed Chairwoman Janet Yellen on Friday.

“When I look at where we are with the job market, when I look at inflation and our forecast for that, I think it is time to move,” Kansas City Fed President Ester George said in an interview on Bloomberg Radio. In a separate interview with CNBC, she said hikes should be made gradually.

Later Thursday morning, Federal Reserve Bank of Dallas President Robert Kaplan said the case is strengthening for a rate increase in the not-so-distant future.

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