Federal Reserve Chair Janet Yellen speaks at the Executives' Club of Chicago
She's leaving elbow room, but Janet Yellen is turning the heat up at least a little bit for a rate hike at the mid-month FOMC. Yellen said this year's pace of tightening will not be as slow as last year, a comment that points to a minimum of one more rate hike sometime this year. She also said the labor market is at full employment, that inflation is moving closer to the Fed's 2 percent target, and that waiting too long to lift rates could risk a recession. She also specifically cited March as a meeting for possible action. But on the dovish side, she repeated the need for a gradual approach and said the Fed has not fallen behind the inflation curve. Markets are showing little reaction though short rates are inching higher.