Washington - Federal Reserve Chair Janet Yellen on Wednesday indicated that the U.S. economy is on track for an interest rate hike this month, but she said the Fed will need to review incoming data before making a final decision.

Yellen gave an upbeat assessment of the economy’s progress since the Fed’s last meeting in October, describing it as in line with its expectations for the labor market and inflation.

But she adds that policymakers need to be more cautious in deciding when to start raising rates, given that it doesn’t have much room to cut them if the economy begins to falter.

Yellen’s comments in a speech to the Economic Club of Washington came two weeks before the Fed’s final meeting of the year on Dec. 15-16. The central bank is widely expected to raise interest rates for the first time in nearly a decade. The Fed’s benchmark rate has been at a record low near zero for the past seven years.... Read More: VIN