Take Federal Reserve Chair Janet Yellen at her word and expect low interest rates for quite some time, said Katie Nixon, Chief Investment Officer for Wealth Management at Northern Trust. Nixon said she does not advise stretching too far for yield, or take excessive risk, as a result of the Fed's financial repression. That said, she said investors should have a stock market allocation, especially now that signs of inflation are starting to be seen in the economy. Finally, Nixon said she likes developed Europe more than emerging markets stocks because of the ECB's increasingly dovish monetary policy.

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