Janet yellen’s first comments to hit wire were that  Rate-Hike has Strengthened in recent months and that Fed is close to achieving goals on employment and Inflation.Dollar Rallied  hard  but as More comments filtered in Dollar turned lower.This is a problem with the News wires as they decide which headlines to put out first ,in this case a hawkish one.Yellen went on to repeat that Fed still data Dependent and she mentioned that it is getting harder to predict the path of Fed funds rate .This offset the  initial hawkish move.The Content of Yellen speech based on her title was talking about tools the Fed has at its disposal so of course she would talk about QE,Forward guidance and the Like.This is not meant to  be taken as fed leaning towards using these tools anytime soon,it is part of her Speech.There were only 3 paragraphs set aside for the Economy so  not an extensive Discussion of current state of Affairs.Yellen did repeat what Vice Chair Fischer said last week that fed is “Closer to reaching goals on inflation and Employment”Closer is not a definitive answer to when rates will move higher.

Initially hawkish Yellen but upon Further review she didn’t mention anything new about the Economy still data Dependent and will make decisions based on weeks Unemployment report looms large  as always! Little change in rate hike probabilities vs. pre Speech.

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