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Yellen said that legislation to lift the debt ceiling and reduce U.S. deficits by more than $1 trillion over a decade would support the Federal Reserve’s efforts to bring down inflation. Asked about the Richmond Federal Reserve President Jeffrey Lacker’s view that the federal funds rate, at 5.0-5.25% now, will have to rise to 6% to tame inflation, Yellen said that was a decision for the Fed.