WSJ Fedwatcher Jon Hilsenrath is out with a review of today’s testimony from Yellen. Here made 4 points:

  1. She repeatedly expressed caution about responding quickly to these positive developments in jobs
  2. She was cautious about when to start raising rates
  3. She warned the Fed had been fooled before by ‘false dawns’
  4. Yellen’s review of the economy was carefully hedged at almost every turn

Read the full article at the WSJ.