Fed Chair Janet Yellen solidified expectations of a Fed move in December, but, as has become typical, she left the door open to wait a bit longer. Bobbi Rebell reports.
The Fed is ready to hike interest rates. That was the strong implication by Fed Chair Janet Yellen, who spoke to the Economic Club of Washington. (SOUNDBITE) JANET YELLEN, CHAIR, U.S. FEDERAL RESERVE (ENGLISH) SAYING: "When the committee begins to normalize the stance of policy, doing so will be a testament also to how far our economy has come, recovering from the effects of the financial crisis and the great recession. And, in that sense, it is a day that I expect we all are looking forward to." And, while she said there was no set plan for after the first rate hike, Yellen said the committee anticipates any further hikes will be gradual. One key data point the Fed policy watchers are eyeing: jobs. The November report, the last they will see before they meet in two weeks, will be released on Friday. RiverFront CEO Michael Jones: (SOUNDBITE) MICHAEL JONES, CEO, RIVERFRONT (ENGLISH) SAYING: "Everybody knows that December is probably her preferred liftoff. If we don't get the kind of non-farm payroll that she is looking for at the end of the week, than they may push it off until a later meeting. " But as of now, the Fed Chair continues to express confidence in the economic recovery. Yellen pointing out that the risks from abroad are diminishing, and that consumer spending was particularly solid.