Economist: Yellen Just Came Across As 'Exceptionally Cautious'

Brian Dolan, Head Market Strategist, DriveWealth LLC, said Fed chair Janet Yellen came across as exceptionally cautious, mostly noting the uncertainty and risks facing the US and global outlooks, rather than citing positives and building a case for higher rates.

Yellen said the central bank of the world's largest economy should exercise caution in proceeding with the monetary policy.

Related Link: Yellen Says Fed Should Proceed Cautiously In Adjusting Policy

"This (Yellen's comments) should eliminate any chance of a rate hike in April, but still keeps June on the table. But even for June, the incoming data between now and then will need to be unambiguously solid to see the Fed pull the trigger, and that seems increasingly unlikely," Dolan said in an email to Benzinga.

"On the rate side of the equation, it's risk positive. But on the economic outlook side, it's dubious at best, so I'd look for markets to continue to see-saw from now through Friday's jobs report," Dolan added.

The SPDR S&P 500 ETF Trust SPY was up 0.9 percent at $205.10.