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Yellen nudges markets slightly on rates

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Fed Chair Janet Yellen may have slightly recalibrated expectations for a rate rise, by saying she personally anticipates a hike this year.

Yellen spoke after the market close Thursday in a much awaited speech that traders had hoped would clarify the central bank's position on rate hikes, after last week's FOMC meeting and a week of volatile markets. Stock traders covered shorts ahead of the 5 p.m. ET speech, expecting Yellen might give the market a boost.

The Fed chair said it would likely be appropriate to raise rates from near zero "sometime later this year," though the decision would continue to rely on economic data. In her comments last week, she had not identified herself as part of the group favoring rate hikes this year, but she had made a similar comment during the summer.