While Yellen's comments are always important, the markets have been fine-tuning positions for more than a week now after the Fed's shift in policy. With the laundry list of catalysts that traders have attributed to volatile moves in bonds, stocks and currencies this week, one undercurrent they all come back to is the central bank.
Conflict in Yemen, fears of a weak economy and declining earnings were all factors at play in the stock market Thursday. Shares were weak on the open after Wednesday's steep selloff. They then recovered in the afternoon, before falling into the close.