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Fed's Yellen sees rate hike 'later this year'

Federal Reserve Chair Janet Yellen speaks during a press briefing at the Federal Reserve on June 17, 2015 in Washington, DCFederal Reserve Chair Janet Yellen reiterated her view Friday that the central bank will likely begin raising interest rates before the end of 2015. “I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy,” she said in a speech in Cleveland, Ohio. Yellen, however, remained cautious, saying she still saw slack in the jobs market, which has been a key factor in how the Fed approaches its first rate hike since 2006.

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