Rate Realignment

In her press conference today, Fed Chairwoman Yellen clearly provided the Fed with more flexibility regarding interest rates. With GDP growth firming, unemployment falling and inflation benign, Yellen is hinting at maybe earlier but probably incrementally smaller rate hikes. And she has largely said that the Russian currency collapse and the bear market in oil are not worth worrying about. I still think the first rate rise is on 6/17/15.