Thank you, Janet Yellen, for finally taking a side and clearly stating that an interest rate hike seems likely sometime this year.
And thank you for finally clarifying the sudden emphasis that was placed on developments abroad in the last FOMC statement.
Specifically, thank you for this clarification: "The Committee is monitoring developments abroad, but we do not currently anticipate that the effects of these recent developments on the U.S. economy will prove to be large enough to have a significant effect on the path for policy."
Yellen is helping the banks this morning on higher interest rates prospects. This is not only important for banks, it's important for the S&P 500.
Bank earnings estimates have been under some pressure recently on the inability to realize higher rates.
More importantly, investors are relying on higher bank earnings to balance out the disastrous decline in earnings from energy companies. There are precious few sources of earnings growth right now.