Yellen sticks to 2015 timeline for first US rate hike

In prepared testimony to Congress, Yellen expressed relative confidence in the economy going ahead, suggesting it could surprise on the upside. The labor market still showed "some" slack, she noted -- one reason accommodative monetary policy was still merited despite the unemployment rate falling to 5.3 percent. "Too many people are not searching for a job but would likely do so if the labor market was stronger," Yellen said.