Yellen’s speech this morning said that the fed is basically not believing the hype of inflation readings in recent quarters and that they may be overblown.
She said the fed will proceed cautiously in changing rates which probably means no rate hike for April.
She also said the fed has tools to protect economy in case there is a recession and put QE back on the table as a possibility
Markets reacted well to the news and an hour later are up about 1%. We’ll have to see volume confirms the move.
Now that people have lower expectations for interest rate hikes, the dollar should continue to fall and unwind which could help out materials and gold. Maybe look to get more long those in the next few days.