Yellen removes “in the coming months” - Nomura

Analysts at Nomura offered a review of Yellen’s speech.

Key Quotes:

"Federal Reserve Chair Yellen spoke in Philadelphia today.

Following last week’s surprisingly downbeat employment report, Yellen stressed the uncertainty surrounding the economic outlook, citing a number of sources of economic uncertainty in the short and long run.

As widely expected, Yellen did not repeat her assessment from 10 days ago that an interest rate increase may be appropriate “in the coming months.” The FOMC needs to be confident that the economy is growing faster than its potential before it takes the next step in raising short-term interest rates, and we think that it will take some time for the uncertainty to resolve."