Fed's Yellen: Rate hike case 'has strengthened' in recent months

Topic of the speech was The Fed's monetary policy toolkit

• Case for interest rate increase has strengthened in recent months
• Economyc nearing Fed's employment and inflation goals
• Our ability to predict Fed rate path is quite limited

Dollar jumps on the headlines.

• Gradual hikes over time are 'appropriate'
• Fed expects inflation to rise to 2% goal in next few years
• Fed depends on data, not on a preset course
• Range of possible rate hikes paths is wide, shocks could change path