Fed Chair Yellen says economy close to achieving Fed goals

ANN ARBOR, Michigan – Federal Reserve Chair Janet Yellen says the central bank is moving close to achieving its goals on employment and inflation. Her remarks could be seen as providing support for gradual increases in interest rates.

While expressing satisfaction with how the economy is performing, Yellen did voice concerns about moves in Congress to limit the Fed's independence.

Yellen told an audience at the University of Michigan that unemployment is actually below the point the Fed views as full employment while a key inflation gauge is moving toward the Fed's target for price stability.

Yellen did not specifically address the timing for future rate hikes, but her remarks supported the view that future hikes are coming. The Fed last raised rates in March.