Hey Gip,
I think we can both agree that deciphering Fed-speak is quite subjective and art rather than science. As someone who has paid attention to the Fed for quite some time, I can say that Yellen has historically been one of the most hawkish governors. I read recognition/admission of the potential considerable impact of the current downturn in her comments. More importantly, I read an acknowledgement that the inflation situation, which normally overrides all of her policy decisions, is contained (in the comfort zone) and getting better. That, to me, signals a green light that a cut is in the cards unless there is some material improvement over the next week.
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