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COMING UP:Share Opener Variant 3



's the speech Wall Street was waiting for all week. Federal Reserve Chair Janet Yellen, Friday, offering a desperately awaited hint on the rate outlook at the annual Fed event in Jackson Hole. Reuters reporter Ann Saphir is there.>> Fed Chair Janet Yellen's message today was clear.
The case for a rate hike has strengthened in recent months. Not only has the labor market improved, but inflation has also started to come up a bit, and the Fed should start raising rates. What she didn't say is when. And it is unclear if she is signalling for September, which most traders do not believe she is, or if it will be later in the year.
The Fed meets two more times, in November and in December.>> The market liked what Yellen said as most bets are on a December hike. But the Fed is still struggling to speak with one voice. Shortly after Yellen's remarks, her lieutenant, Vice Chair Stanley Fischer spooked the markets by telling CNBC a September hike could not be ruled out if the incoming economic data are strong.
That good cop, bad cop routine sparking a complete reversal of fortune in the market. The Dow swinging 200 points from the highs to the lows. Nervous investors also pushed government bond yields higher and bought the dollar, unable to fully gauge whether a long promised rate hike could come less than a month from now, or will the Fed really wait until the end of the year?