Federal Reserve Chair Janet Yellen said Wednesday that December would be a "live possibility" for a rate hike if the upcoming data are supportive.
"Now no decision has been made on that and, what it will depend on, is the [Federal Open Market Committee's] assessment at the time. That assessment will be informed by all of the data that we collect between now and then," she said, testifying before the House Financial Services Committee.
Yellen also said she and the committee expect the economy to grow "at a pace that's sufficient to generate further improvement in the labor market, and to return inflation to our 2 percent target."
"If the incoming information supports that expectation, then or statement indicates that December would be a live possibility," she said.
According to the CME Group, the probability of a Fed rate hike next month increased to about 60 percent after Yellen's testimony.