The economy is "performing well," but members of the Federal Reserve have not decided whether to raise interest rates next month, Fed Chairwoman Janet Yellen said Wednesday.

"No decision at all has been made on that," Yellen told a House panel.

Nevertheless, Yellen indicated that the central bank could take the historic step of raising its interest rate target from zero for the first time in seven years at its December meeting, if the economic data stays steady.

If economic reports point to job growth and rising inflation, "December could be a live possibility," Yellen said, "but importantly no decision has been made."

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