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Yellen's arguments against potential dissenters at the December 15-16 Fed policy meeting were strengthened by Labor Department data on Friday that showed employers hired 211,000 people in November while even greater numbers joined the workforce.
CNBC's Steve Liesman who is one of the very few journalists allowed to attend the symposium (Jackson Hole) is of the view that Fed is likely to hike rates in December than September.
Some top policymakers, including Fed Vice Chairman Stanley Fischer, said recent volatility in global markets could quickly ease and possibly pave the way for the US rate hike, for which investors, governments and central banks around the world are bracing.
Narayana Kocherlakota spoke to CNBC in an interview from Jackson Hole, Wyoming, ahead of the Fed's annual retreat. He is not a voting member of the Federal Open Market Committee, which could vote at its September meeting to raise interest rates for the first time in nine years.
St. Louis Fed President James Bullard told Reuters he still favored hiking rates at the Fed's next policy-setting meeting in mid-September, though he added the US central bank would be hesitant to do so if markets were still volatile at that time.
Stocks were smacked hard Wednesday by concerns that China's economy will begin to feel the pain of a selloff that has erased more than 32 percent from Shanghai stocks.
Federal Reserve could continue bond-buying program through the summer, but may end abruptly in the autumn, if by then, it is confident that the improvement in the jobs outlook is here to stay
