Key passages in Yellen's testimony to House panel

(Reuters) - The following are highlights from Federal Reserve Chair Janet Yellen's semiannual testimony on the U.S. economy and monetary policy as prepared for delivery on Wednesday to the House Financial Services Committee. YELLEN ON TIMING OF FIRST INTEREST RATE HIKE: "The Committee will determine the timing of the initial increase in the federal funds rate on a meeting-by-meeting basis, depending on its assessment of realized and expected progress toward its objectives of maximum employment a