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During a speech Wednesday at the Economic Club of Washington, Federal Reserve Chair Janet Yellen indicated that progress in employment numbers and price stability means the Fed is ready to raise the federal funds rate target.

Yellen will testify on the country's economic prospects before the Joint Economic Committee today at 10 a.m. Eastern.

"The economy has come a long way toward the FOMC's objectives of maximum employment and price stability," Yellen said. "When the committee begins to normalize the stance of policy, doing so will be a testament, also, to how far our economy has come in recovering from the effects of the financial crisis and the Great Recession."

She added, "In that sense, it is a day that I expect we all are looking forward to."

Observers believe the committee will raise the benchmark interest rate after its meeting on Dec. 15-16. The range has been set at 0 to 0.25 percent since 2008.