Federal Reserve Chair Janet Yellen said the U.S. central bank remains on track to raise interest rates this year; Greece, China pose ''some risks.'' Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) STORY: Federal Reserve Chair Janet Yellen said on Wednesday the U.S. central bank remains on track to raise interest rates this year, with labor markets expected to steadily improve and turmoil abroad unlikely to throw the U.S. economy off track. "If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate," Yellen said in testimony prepared for the U.S. House of Representatives Financial Services Committee, affirming the view of a central bank prepared to gradually raise rates after more than six years at a near-zero level. She said foreign developments pose some risks to the U.S. economy. "Greece remains difficult. And China continues to grapple with the challenges posed by high debt, weak property markets, and volatile financial conditions," she said.