The Federal Reserve Chair Janet Yellen’s address to the Economic Club of New York on Tuesday was rather dovish, stating that the U.S. Central Bank should proceed with caution in adjusting monetary policy. In the December meeting the FOMC members saw rates between 1.25% and 1.5% at the end of 2016, and at 3.5% in the longer term. In the recent meeting the members predicted that rates will remain under 1% at the end of 2016, with a longer term target at 3.25%. The predictions give us insight into how the committee members feel about the economic and monetary conditions going forward. The global growth uncertainty and China’s economic transition remains a risk.