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Many analysts said September was the most likely date for the first rate hike.
Ms Yellen's testimony included pre-prepared remarks on the economy and on the prospects for the first rate hike in the US since 2007.
In the middle of the October market tumoil, expectations for the first rate rise had pushed out to 2016; next year looks more likely, for the moment.
"In terms of timing, we still view May as a possibility for the first rate rise, but only if there is convincing evidence of wages picking up in the key January-April pay round," Owen said.
City analysts pushed their forecasts for the first rate rise since 2007 into next year – and possibly next summer – following the most recent meeting of the monetary policy committee, when just one out of nine MPC members voted for a rate rise.
City analysts pushed their forecasts for the first rate rise since 2007 into next year after the Bank revealed that Ian McCafferty, former chief economist at business group the CBI, cast the sole vote for higher rates when the monetary policy committee met on Wednesday.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com