U.S. Federal Reserve Chair Janet Yellen. Photo: Reuters, Charles Mostoller

Speaking from prepared remarks at a business luncheon Friday, Janet Yellen said a rate hike later this month would likely be appropriate, reported Reuters. The decision will still have to wait until a March 10 Labor Department payroll report, although a surprise is unlikely. Yellen also indicated that rates will likely rise faster this year. Markets were largely unchanged on Friday, after a downturn Thursday interupted this week’s rally.