I strongly oppose 'Audit the Fed,' Yellen says

Fed Chair Janet Yellen testified before Congress on Tuesday after presenting her semiannual monetary policy report.

(Click here for live updates on Yellen's testimony before the House.)

The Federal Reserve will not hike rates for the next few Federal Open Market Committee meetings, according to Yellen's prepared remarks.

During the question-and-answer session, Yellen addressed a range of questions from the committee about the Fed's structure, its inflation measurement and the movement to "Audit the Fed."

While Wall Street expects the Fed to hike rates midyear, investors paid close attention to Yellen's question-and-answer session with Congress for additional guidance on the timing of a potential hike. Currently, the Fed's targeted range for the federal funds rate is 0 to 0.25 percent. While weighing when to increase rates, the Fed assesses progress toward two objections: fostering maximum employment and reaching a 2 percent inflation rate.

Check back on CNBC for updates to the live blog below of Yellen's testimony: