Yellen hasn't thought that a rate cut is a possibility

Yep, we're still watching

• A lot has happened since Dec rate hike
• Fed is reviewing how global developments may affect outlook
• If outlook changes the Fed would have to account for it
• Outlook hasn't sufficiently shifted to warrant a rate cut

Well that's an acknowledgement that there's been some shift though isn't it?

I'm in full agreement with Adam's earlier post. The Fed can't see past the end of their noses. Everyone got spanked for not seeing the storm clouds before the GFC, and they haven't learnt those lessons.