Federal Reserve chair Janet Yellen hints at further rate hike this year

The case for raising US interest rates has strengthened in recent months because of improvements in the labour market and expectations for moderate economic growth, Federal Reserve chair Janet Yellen said yesterday.

Ms Yellen did not indicate when the US central bank might raise rates, but her comments reinforced the view that such a move could come later this year.

The Fed has policy meetings scheduled for September, November, and December.