Yellen suggests rate hike is coming but offers no timetable

IndustriesAssociated 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."