Federal Reserve Chair Janet Yellen indicated Friday that if the economy stays on track for the next few weeks, a rate hike would likely come when Fed leaders meet March 14-15.
"At our meeting later this month, the committee 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," Yellen said in a speech in Chicago.
The Fed last raised rates in December -- only its second rate hike in about a decade. A rate increase would be another sign that the US economy is closer to full health after a very slow recovery from the Great Recession.
Rising rates affect millions of Americans, from home buyers to savers. They also have a major impact on the global economy and financial markets.
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