'No Fixed Timetable' to Raise Interest Rates, Fed Chair Janet Yellen Says - TheStreet

NEW YORK (TheStreet) -- Federal Reserve Chair Janet Yellen is testifying about financial regulation before the House Financial Services Committee on Capitol Hill Wednesday morning. 

The testimony comes after Yellen announced last week that the central bank had decided to leave rates unchanged at 0.25% to 0.50%, after its September meeting. She also said that the case for hiking rates has "strengthened in recent months."

Investors are looking for any hints in Yellen's comments today that the agency will decide to raise rates at either its November or December meeting. 

During a Q&A with Congresswoman Carolyn Maloney, Yellen said that there was no "fixed timetable for removing [accommodation]."

However, the majority of her Fed colleagues have indicated that they think it's appropriate to "take a step in that direction this year, if things continue on their current path and no significant new risks arise," Yellen added. 

Right now, the job creation rate of about 180,000 added jobs per month would "overheat" the economy if it continues and lead to lower unemployment rates, she told Mahoney. 

"If we allow the economy to overheat, we could be faced with having to raise interest rates more rapidly than we would want, which could conceivably jeopardize that good state of affairs that we've come close to achieving," she said.

The Fed is therefore expecting for the unemployment rate to drop further and for the job growth to continue.

"But we do need, if things continue on their current course, to gradually remove the accommodation that is there," she concluded. 

These remarks closely resemble her comments last week after she announced the Fed's monetary policy decision. 

"If we continue along this course, it likely will be appropriate to raise the federal funds rate," Yellen had said during a Q&A session last week.