Yellen: Caution in raising rates is 'especially warranted'

• Concerned by some low inflation readings
• Fed has 'considerable scope' for stimulus if needed
• Global developments and risks led to project slower path of rate hikes
• Inflation likely to remain below Fed target this year
• Current neutral real interest rate likely close to zero but will rise as economy improves, allowing gradual increases to Fed target rate
• Global turmoil impact likely low on the US because it kept down interest rate hike expectations
• Another oil price drop could hurt global economy

The US dollar is getting beaten up, down 40-70 pips across the board. She's maintained her dovish tone, 100%.