Yellen signals the Fed will likely raise rates this month

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WASHINGTON (AP) - Federal Reserve Chair Janet Yellen is signaling that the Fed will likely resume raising interest rates later this month to reflect a strengthening job market and inflation edging toward the central bank's 2 percent target rate.

Yellen also says in a speech in Chicago that the Fed expects steady economic improvement to justify additional rate increases. While not specifying how many rate hikes could occur this year, Yellen notes that Fed officials in December had estimated that there would be three this year.

The Fed will next meet March 14-15. At that meeting, Yellen says, the policymakers will "evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate."

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