Highlights of Federal Reserve Chairman Janet Yellen's speech on May 22, 2015:

  • Gradual pace of tightening likely after liftoff
  • 'We are not there yet' on Fed's employment goals
  • Yellen says rate rise at some point this year is appropriate
  • Expects economy to strengthen after weak Q1
  • Appropriate to raise rates this year if economy continues on current path
  • Hike path will be gradual, with several years before rates go back to normal
  • Believes inflation will rise toward target as economy continues to improve
  • Economic headwinds beginning to fade, leaving it well positioned for growth
  • Weak start to 2015 the result of transitory factors, "statistical noise" should give way to moderate growth for the rest of the year
  • Labor market still not full healed as seen in low wage growth, high number of sidelined workers

There is no plan for Yellen to host a Q&A later.

Nothing stands out as a massive headline here. But for me, Yellen remains optimistic and that's bullish for the US dollar. If there are a few good US economic indicators, the idea of a September rate hike will get a lot of attention.