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Yellen gets a do-over, but will she use it?

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Let the rate hike (& correction) begin: Pro

Fed Chair Janet Yellen speaks Thursday evening on inflation and policy, a week after the Fed surprised the markets and helped stir up new fears of deflation.

"Her topic is on inflation dynamics and monetary policy. We definitely want to hear what she has to say because the topic is relevant," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank. "Does she guide on the near-term outlook for monetary policy? My answer is 'no' because not enough time passed between last week and this week. Nothing changed."

But traders are particularly eyeing her comments on inflation in the 5 p.m. ET speech at the University of Massachusetts, where the audience will not be able to ask questions.

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