The Federal Reserve Board Chairwoman Janet Yellen speaks during a discussion at The British Academy President's Lecture in London, Britain, June 27, 2017. REUTERS/Hannah McKay

WASHINGTON (Reuters) - The Federal Reserve said on Thursday it would release its semiannual monetary policy report on July 7, five days before Fed Chair Janet Yellen testifies to Congress.

Historically, the report on the U.S. economy and central bank policy has been released along with testimony from the Fed chief. In a brief statement, the Fed said the advanced release would allow members of Congress and the public time to review the report before Yellen’s appearance.

Yellen is scheduled to testify before the House Financial Services Committee at 10 a.m. (1400 GMT) on July 12, the panel said earlier on Thursday. The Fed said a copy of her prepared remarks would be released the same day at 8:30 a.m.

The Fed this year increased the pace of its interest rate increases. In addition, it recently announced detailed plans for reducing its holdings of securities accumulated during the financial crisis, an issue of particular interest among some lawmakers.