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Janet Yellen, the Federal Reserve chairwoman, told Congress on Tuesday that the central bank is pleased with recent economic growth but convinced there is room for improvement and still pondering when to start raising interest rates.

In testimony before the Senate Banking Committee, Ms. Yellen advanced the Fed’s slow-motion retreat from its stimulus campaign. She said the next step would be an announcement, which could come as soon as March, that the Fed would begin to consider raising its benchmark rate at each policy-making meeting.

The change would preserve the possibility of a rate increase as soon as June. But Ms. Yellen emphasized that patience remained the Fed’s watchword, and that the persistence of sluggish inflation might still push back the timing of the liftoff.

http://www.nytimes.com/2015/02/25/business/economy/fed-chief-yellen-testifies-before-congress.html?_r=0

In the second day of semi-annual congressional testimony, Yellen will address the House Financial Services Committee on Wednesday.