(Bloomberg) -- Fed Chairwoman Janet Yellen said she is increasingly confident that the economy is growing sufficiently to achieve labor-market improvement and higher inflation, laying the groundwork for a December interest-rate increase if data hold up.

"On balance, economic and financial information received since our October meeting has been consistent with our expectations of continued improvement in the labor market," Yellen told the Economic Club of Washington on Wednesday, according to a text of her prepared remarks. "And, as I have noted, continuing improvement in the labor market helps strengthen confidence that inflation will move back to our 2% objective over the medium term."

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