Fed's Yellen: We believe appropriate to raise rates gradually

Fed's Chairwoman Janet Yellen is on the wires, saying that many emerging market countries are in much stronger shape now than they were, less vulnerable to spillovers.

More headlines (via Reuters):

• We do focus heavily on spillovers from U.S. policy into other economies
• Number of reasons to believe interest rates will remain low as we normalise policy
• Asset valuations are somewhat rich
• Says by standard metrics some asset valuations look high, no certainty about that