Fed's Yellen: Rate hike likely appropriate 'relatively soon'

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Washington (AFP)

Federal Reserve Chair Janet Yellen said Thursday that an interest rate increase likely will be appropriate "relatively soon" as long as there is further evidence of progress in the economy.

However, in testimony prepared for delivery to the Joint Economic Committee of Congress, Yellen said the Fed expects it will only have to raise rates gradually. Analysts widely expect the Fed to raise rates at the December 13-14 policy meeting, a year after the first and only rate increase following the financial crisis.