A debate has emerged within the Federal Reserve about when and how the central bank should begin tightening monetary policy. The Fed is apparently divided into inflation hawks and doves: those who think interest rates must rise soon to avoid inflation, and those who advocate a gradual approach. "In my career, I have never witnessed a situation like the one that exists now, when views about inflation risks have coalesced into two diametrically opposed camps," said Janet Yellen, president of the Federal Reserve Bank of San Francisco.

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