Federal Reserve Chair Janet Yellen Says Interest Rate Hike Possible

Federal Reserve Chair Janet Yellen hinted at an interest rate hike in comments she made at a hearing on Capitol Hill Thursday. She said a rate hike "could well become appropriate relatively soon."

Yellen says there appears to be room for economic improvement.  She said the Federal Reserve sees the benefit of low borrowing costs, but if the Federal Reserve waits too long for a rate hike -- the central bank may have to raise rates more quickly down the road.

Yellen also mentioned the U.S. economy is in relatively good health and continues to make progress. She mentioned job gains averaged 180,000 per month from January through October .