Market still sees no further moves in 2016
The implied chance of a hike by December of this year rose to 37% from 30% after the first day of Yellen's Humphrey Hawkins appearance, according to fed funds futures.
The implied chance of a hike in March is just 2%, down from 50% in December.
A hike isn't fully priced in until June 2017.
The market is increasingly convinced that the Fed hawks are wrong about almost everything.
