Yellen hawkish but markets not biting

Federal Reserve Chair, Janet Yellen, gave a predictable account of the improving US economy saying that a hike in interest rates would be appropriate by year end.  However, she also threw in the caveat that any decision would be subject to economic conditions and also cited Greece and China as concerns.  There was little reaction from stock and bond markets but the US dollar strengthened against the Euro and the Yen.  The TAM investment team’s take on the reaction is that this is yet another example of the  Fed repeatedly sounding hawkish yet repeatedly pushing back the timing of a rise and that the markets are in no mood to react in the way they might a few years ago.