Yellen says no set plan for pace of rate hikes

The Fed is expected to approve its first rate hike in a decade at a meeting in two weeks, and focus has begun turning to how quickly or slowly the central bank may enact subsequent rate increases. Fed officials in general have said the pace of hikes will be "gradual."

"The first step does not mean we have embarked on some predetermined path," Yellen said. "There is no such plan. It will depend entirely on how incoming data influence our assessment of the outlook."

(Reporting by Howard Schneider; Editing by Chizu Nomiyama)