"This could be one of the most dovish speeches I have ever read from a Federal Reserve official," says Jefferies' David Zervos after reading Janet Yellen's Chicago remarks. " If anyone doubts Janet’s belief that there is excessive slack in labor markets - read the tape. And if anyone doubt’s Janet conviction that there are no material inflation risks on the horizon - read the tape."
Zervos is excited, but the bond market - for now - is shrugging Yellen off, remaining largely as it was prior to her talk.
Earlier: Yellen walks back hawkish vibe