Yellen's Jackson Hole Speech Pretty Much Told The Market What It Already Knew

Logan noted that Yellen indicated in her space that the case for a rate hike has "strengthened," but any final decision is still dependent on incoming data. As such, the Fed is now in a "stance of watchful waiting," which also happens to be "where it was at the end of the last FOMC meeting in July."

Logan continued that the Fed's policymakers are indeed leaning toward a rate hike, but they also feel that the members "can wait until they are more confident that the expansion will continue at a sustainable pace."

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Logan added that his belief is inflation will remain below the Fed's 2 percent threshold target for a rate hike. In addition, declining business investment spending has also "been a drag" on the economy for the past three quarters. As such, the analyst's view that a rate hike won't come before mid-2017 remains unchanged.

Finally, Yellen also "made it clear" that quantitative easing (QE) and its forward guidance will remain "important parts" of the Fed's policy toolkit moving forward.

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