LIVE: Janet Yellen testifies to the House Financial Services Committee

Federal Reserve Board Chair Janet Yellen testifies before the House Financial Services Committee on the

(Thomson Reuters)

Federal Reserve chair Janet Yellen is testifying on the economy before the House Financial Services Committee this morning.

Her prepared remarks released earlier showed that the Fed is watching developments in markets and the economy very closely.

The statement noted that the Fed is prepared to slow down the path of interest rate hikes if economic growth is worse than expected.

The Fed is also paying attention to China, as an economic slowdown there could see fears of a spillover that have been tossed around for a while now actually materializing in the US economy.

As we noted earlier, Yellen is expected to be grilled during the Q&A session on whether the Fed's decision to raise rates created economic and financial risks, what tools the Fed would use to deal with an economic slowdown, and whether a hike in March is still in play, among other things.

Keep it here, as we'll have live coverage of Yellen's testimony.

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