Yellen: Economy on track for hike in interest rates this year

Washington

FEDERAL Reserve chair Janet Yellen said on Wednesday that the US central bank remains on track to raise interest rates this year, with labour markets expected to steadily improve and turmoil abroad unlikely to throw the US economy off track.

"If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate," Ms Yellen said in testimony prepared for the US House of Representatives Financial Services Committee, affirming the view of a central bank prepared to gradually raise rates after more than six years at a near-zero level.