* Earlier today Janet Yellen delivered her much-anticipated and way over-hyped speech at the annual Jackson Hole Symposium

* It wasn't as irrelevant as I thought it was going to be, but the actual relevant part of the speech was lost on just about everybody

* Instead they keep focusing on whether or not the Fed is going to raise rates by another .25 in September or December or maybe both

* In reality, whether they do or do not is irrelevant, given the nature of where we are and where the U.S. economy actually is

* For a small person, Janet Yellen certainly casts a large shadow over the financial markets

* Everybody was on pins and needles, all the traders were there with their fingers on the buttons waiting to react to anything that Yellen said

* I mentioned on an earlier podcast that there had already been a sell-off  on gold stocks a couple of days ago on the anticipation of Yellen's hawkish comments

* The rest of the market seemed to ignore the possibility that Yellen would be a hawk

* Before I discuss what she said, I want to examine whether anyone on the committee could be considered a hawk

* A hawk is predatory; is to be feared, reflecting a tough central banker who believes in sound money

* On the other hand, a dove is cute and fluff; doesn't really hurt anybody

* A dove wants cheap money - keep interests low so as not to harm anybody - nothing to fear

* When it comes to hawks with respect to the Federal Reserve, the bird is extinct

* They are all doves and the only difference is the degree of dovishness

* The hawks are gone and are probably never coming back

* Yellen was not a hawk, and neither was Stan Fischer


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