Stock futures were little changed Thursday after Federal Reserve Chair Janet Yellen said that an interest rate hike could come soon.
S&P 500 futures added 0.05%, Dow Jones Industrial Average futures were down 0.01%, and Nasdaq futures increased 0.2%.
Yellen, in comments ahead of a speech on Capitol Hill, reiterated that an interest rate hike could come "relatively soon," backing up recent hawkish comments from other Fed members. Yellen noted that the labor market continued to show strength and that the economy appeared to have recovered from a sluggish start to the year. Yellen also repeated the stance that the current state of the economy will likely "warrant only gradual increases in the federal funds rate over time."
The comments were part of a speech she will address to the Congressional Joint Economic Committee at 10 a.m. on Thursday. The Fed chair last testified before that committee in December of last year, prior to the Fed's decision to hike interest rates for the first time in nearly a decade.
A December rate hike already had a high probability among Wall Street pundits with any doubt after Donald Trump's recent election as U.S. president quickly evaporating. The chances of a December rate hike currently sit at 90%, according to CME Group fed funds futures.
Consumer prices in the U.S. got a boost from higher gas prices in October. The inflation metric climbed 0.4% in October and 1.6% over the past 12 months, its highest level in two years. Core prices, excluding energy, rose 0.1% in October and 2.1% year over year.