WASHINGTON, (Sputnik) — Yellen noted that four FOMC participants moved their projections for the rate hike into 2016 or later.
"Most participants continue to think that economic conditions will call for an increase in the federal funds rate by the end of this year," Yellen said. "October remains a possibility."
Earlier on Thursday, the FOMC announced it would keep the interest rate unchanged at the 0 to 0.25 percent range.
Yellen noted that the FOMC participants project inflation to be "very low" this year largely because of lower energy and non-energy import prices. She added the US Gross Domestic Product will grow at a moderate pace.
At the same time, she stated, the Federal Reserve does not want to wait until the US economy fully meets its main inflation and labor market objectives to begin the process of tightening policy.
"Our decision will not hinge on any particular data release or on day-to-day movements in financial markets," she pointed out.
The Federal Reserve is the central bank of the United States that is responsible for managing national monetary policy, setting interest rates and regulating banks.