Research Team at ANZ, suggests that the yesterday Janet Yellen was probably content with the market response, which was limited. Key Quotes Janet Yellen had a delicate task last night – to sound concerned enough to reassure investors that the Fed was feeling their pain, while still sounding upbeat enough to bolster the notion that this volatility will all blow over – as there is no question that crowd sentiment-led expectations can rapidly become self-fulfilling in this kind of environment. Yellen made it clear that while the Fed still expects to continue on its gradual tightening path, policy was not on a pre-set course and would respond appropriately to developments. A question about negative interest rates was neatly side-stepped. Yellen no doubt chose her words carefully around what, at this point, couldn’t really be anything other than a “we’ll wait and see” message. The Fed has no idea how this is going to pan out either, so all Yellen could really do is ensure she wasn’t the catalyst for a lurch. The real test may come later, if markets continue to deteriorate and look to central banks to save them.” For more information, read our latest forex news.