Brace for higher interest rates. Federal Reserve Chair Janet Yellen testified before the House Financial Services Committee on Wednesday in Washington. She told lawmakers a 2015 rate hike is likely. ‘A decision by the Committee to raise its target range for the federal funds rate will signal how much progress the economy has made in healing from the trauma of the financial crisis,’ Yellen said. While Yellen declined to give details on exactly when rates will rise, Liz Ann Sonders, the chief investment strategist at Charles Schwab (SCHW) expects the central bank to announce a rate liftoff during its September meeting. ‘Our best bet is still September,’ Sonders said. ‘Now there’s been some weakening in the economic data; were that to continue and global events were to stay tumultuous, then maybe you push that [forecast] out.’ TheStreet’s Scott Gamm reports from New York.
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