• Federal Reserve Chair Janet Yellen arrives for a reception on the opening night of the annual invitation-only conference of central bankers from around the world, sponsored by the Federal Reserve Bank of Kansas City, at Jackson Lake Lodge in Grand Teton National Park, north of Jackson Hole, Wyo., Thursday, Aug 25, 2016. Yellen is to address the gathering on Friday. (AP Photo/Brennan Linsley)

    Federal Reserve Chair Janet Yellen arrives for a reception on the opening night of the annual invitation-only conference of central bankers from around the world, sponsored by the Federal Reserve Bank of Kansas City, at Jackson Lake Lodge in Grand ... Teton National Park, north of Jackson Hole, Wyo., Thursday, Aug 25, 2016. Yellen is to address the gathering on Friday. (AP Photo/Brennan Linsley) (The Associated Press)

  • Federal Reserve Chair Janet Yellen, right, greets Tammy Edwards, of the Federal Reserve Bank of Kansas City, as she arrives for a reception on the opening night of the annual invitation-only conference of central bankers from around the world, sponsored by the FRB of Kansas City, at Jackson Lake Lodge in Grand Teton National Park, north of Jackson Hole, Wyo., Thursday, Aug. 25, 2016. Yellen is to address the gathering on Friday. (AP Photo/Brennan Linsley)

    Federal Reserve Chair Janet Yellen, right, greets Tammy Edwards, of the Federal Reserve Bank of Kansas City, as she arrives for a reception on the opening night of the annual invitation-only conference of central bankers from around the world, ... sponsored by the FRB of Kansas City, at Jackson Lake Lodge in Grand Teton National Park, north of Jackson Hole, Wyo., Thursday, Aug. 25, 2016. Yellen is to address the gathering on Friday. (AP Photo/Brennan Linsley) (The Associated Press)

  • Federal Reserve Chair Janet Yellen arrives for a reception on the opening night of the annual meeting of the world's central bankers at Jackson Lake Lodge in Grand Teton National Park, north of Jackson Hole, Wyo., Thursday, Aug. 25, 2016. Yellen is to address the gathering on Friday. (AP Photo/Brennan Linsley)

    Federal Reserve Chair Janet Yellen arrives for a reception on the opening night of the annual meeting of the world's central bankers at Jackson Lake Lodge in Grand Teton National Park, north of Jackson Hole, Wyo., Thursday, Aug. 25, 2016. Yellen is ... to address the gathering on Friday. (AP Photo/Brennan Linsley) (The Associated Press)

Yellen suggests rate hike is coming but offers no timetable

Markets Associated Press

Federal Reserve Chair Janet Yellen says the Fed is moving toward raising interest rates in light of a solid job market and an improved outlook for the U.S. economy and inflation. But she's stopping short of signaling any timetable for the next rate hike.

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Yellen is offering a generally upbeat assessment of the economy in a speech to a conference of central bankers in Jackson Hole, Wyoming. She notes strong gains in employment and strength in consumer spending. Yellen notes that inflation is still running below the Fed's 2 percent target but is being depressed mainly by temporary factors.

In light of the economy's gains, the Fed chair says the case for an increase in the central bank's key policy rate "has strengthened in recent months."