Four key passages from Yellen's press conference

  1. "My colleagues and I would like to see more decisive evidence that moderate economic growth will be sustained (before hiking)"
  2. "Clearly most [Fed] participants are anticipating that a rate increase this year will be appropriate. Now that assumes as you can see that they are expecting a pick up in growth in the second half of this year. And further improvement in the labor market conditions. And we will be making decisions that depend on the actual data that we see in the months ahead"
  3. "The important point is no decision has been made by the committee about what the right timing is of an increase. It will depend on unfolding data in the months ahead. But certainly an increase this year is possible; we could certainly see data that would justify that"
  4. "I want to emphasize and I think the IMF would agree with this that the importance of the timing of a first decision to raise rates is something that should not be overblown whether it is September or December or March, what matters is the entire path of rates and as I have said the committee anticipates economic conditions that would call for a gradual evolution of the Fed funds rate towards normalization"

The 'decisive' quote says the Fed is still skeptical about the need and rush to raise rates. Overall, Yellen strengthened her reputation for saying very little, and certainly nothing hawkish.