Federal Reserve chief bullish on prospect of raising rates

Federal Reserve Chair Janet Yellen said Friday that the case for raising interest rates has strengthened in light of a solid job market and an improved outlook for the U.S. economy and inflation. But she stopped short of offering any timetable.

Yellen sketched a generally upbeat assessment of the economy in a speech to an annual conference of central bankers in Jackson Hole, Wyoming. She pointed to steady gains in employment and strength in consumer spending.

She also noted that while inflation is still running below the Fed’s 2 percent target, it’s being depressed mainly by temporary factors.