* Today was the expected day for expected rate hikes, indicating economic "lift-off"

* The June rate hike is off the table and everyone is focusing attention on September

* The prepared remarks are just a smokescreen to maintain the pretense that the economy can withstand a rate hike

* The Q&A session after the the prepared remarks were more revealing

* Janet Yellen ducked the question of why people who recommend postponing the rate hike to 2016 are wrong

* Yellen stated that the "dots" used to forecast rates are based on mere projections

* The FOMC is always too optimistic about the economy, so if they are wrong again, the dots are meaningless

* Yellen tacitly admits she is hiding behind the data, stating that even if rates to rise, it will be a nominal amount

* Yellen's response to CNBC's Steve Liesman question regarding what labor milestone would justify a rate hike was especially telling

* She said she needs to see further improvement in the Labor Market before she begins to raise rates

* How much improvement does Yellen expect in the labor market over the next three months?

* There is a good chance that the labor market will not be as strong in the next three months

* She is letting the cat out of the bag; saying that rate hike is not likely in September, either

* Yellen questioned the "obsession" about when rate hikes start because the first rate hike will not necessarily indicate normalization

* She is indicating that a rate hike may be symbolic

* The highly stimulative rate of zero to .25 is only necessary when trying to sustain a bubble

* In response to a question about the Federal Reserve under Greenspan, Yellen indicated that it was a mistake for him to raise rates slowly and methodically

* I was vocal Greenspan's decisions at that time, arguing that his actions were creating the real estate bubble

* Yellen is now moving interest rates even more slowly over a period of 7 years

* I may not be the only person who noticed how dovish Yellen's statements are

* The knee-jerk reaction on the Fed's statement was to buy the dollar, but quickly turned into a selloff, and it intensified during the Q&A session

* The dollar was on the lows of the day as it gets closer to the time rates were expected to raise

* My video blogs are always available on schiffradio.com and on YouTube


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