Yellen’s message to the forex market in her speech was “As you were”

Of course her speeches matter and there will eventually come a day when she says something that rattles the market but for right now she’s marginalized herself. Yellen is almost aiming to be the most boring central banker in history. There’s some nobility in that but it also means the market will look elsewhere for inspiration.

What’s inspiring the market at the moment?

Good US economic data. Yesterday there were 5 US economic indicators and each one of them beat expectations, the market didn’t move because it was scared of Yellen but it’s moving now.The Fed Chair can poke holes in the employment market but it’s inarguably improving.

Yellen was a speedbump in a burgeoning US dollar bull market. Sure, she didn’t give a greenlight to US dollar buying but the Fed is a slave to economic data and there’s a broad and very strong feeling that the US economy is getting stronger and will eventually for the Fed to hike. Whether Yellen is ready to admit it or not is immaterial.

Janet Yellen with the starting pistol

It doesn’t matter when Yellen fires the pistol, the race has already started