UPDATED--"Yellen: “Will Likely Be Appropriate” to Raise Rates “Sometime Later This Year”"

Update below.
Original post:

From Barron's Income Investing:

U.S. Federal Reserve Chair Janet Yellen said pretty much the same thing Thursday that she said last week after the Federal Open Market Committee voted to leave interest rates unchanged: the committee will probably raise interest rates later this year. 

But she gave a lot more detail Thursday. Here’s the key part of her speech:

Most of my colleagues and I anticipate that it will likely be appropriate to raise the target range for the federal funds rate sometime later this year and to continue boosting short-term rates at a gradual pace thereafter as the labor market improves further and inflation moves back to our 2 percent objective. 

Her 5 p.m. ET speech at the University of Massachusetts is titled, “Inflation Dynamics and Monetary Policy” and is being parsed by strategists almost as closely as the Fed policy statement issued last week. 

There is plenty of hedging in her words, but the bottom line is that the Fed still sees a good chance of liftoff this year, timing the bond market was increasingly questioning as global economic strength wanes....MORE

Update:
Alphaville on the job, note the timestamp (and comment).

"Yellen: surveys of inflation expectations either useful, or not"