(WASHINGTON) -- Federal Reserve Chair Janet Yellen indicated to a Senate Banking Committee Tuesday that a rise in interest rates is very likely.
"The committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate," she said.
Yellen did not note when consumers could expect an increase but added, "Waiting too long to remove accommodation would be unwise, potentially requiring the [Federal Open Market Committee] to eventually raise rates rapidly."
During her testimony, Yellen also said the economy is continuing to grow at a moderate pace and the job market is strengthening.
"The pace of wage growth has picked up relative to its pace of a few years ago, a further indication that the job market is tightening," she said.
"Business sentiment has noticeably improved in the past few months," she added.
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