Fed rates assessment will be made on a meeting-bymeeting basis

Fed rates assessment will be made on a meeting-bymeeting basis. The Federal Reserve is preparing to consider interest rate hikes on a meeting-by-meeting basis, Fed Chair Janet Yellen told a congressional committee on Tuesday, a subtle shift of emphasis that helps lay the groundwork for the Fed's first rate hike since 2006.In remarks to the Senate Banking Committee, Yellen described how the Fed's rate-setting policy committee will likely proceed in coming months - first by removing the word patient in describing its approach to rate hikes, then entering a phase in which rate hikes are possible at any meeting. That approach could open the door to an interest rate increase as early as June, though investors interpreted Yellen's testimony overall as likely indicating a later date for liftoff. (VIEW LINK)