— as long as there are no major shocks that undermine confidence. Yellen said that even after the first rate hike, the Fed expects future rate increases will be at a gradual pace that will keep borrowing costs low for consumers and businesses. In testimony before the Joint Economic Committee, Yellen warned that waiting an extended period of time to start raising rates would carry risks. – AP/Yahoo Dominant Social Theme: We've steered this vast US economy (the biggest in the world) properly and competently, and now we're going to make the right decision at the right time. Free-Market Analysis: The consensus once again seems building that finally, this time, Yellen and company are going to hike. Her testimony to Congress yesterday seems to have sealed the proverbial deal. She spoke notably about "overshooting." "Were the FOMC to delay the start ... for too long," she said, "we would likely end up having to tighten policy relatively abruptly to keep the economy from overshooting" the Fed's goals for unemployment and inflation. This is one of Yellen's big concerns, shared by others on the Federal Open Market Committee. Nonetheless, today's s employment data from the Labor Department may shift the Fed's consensus. Yellen admitted it yesterday: