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Explained: The Fed's confusing 'transition phase'

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Economic and financial conditions are in some respects less favorable now than in December, Fed Chair Janet Yellen said Tuesday, avoiding a clear timeline as to when the central bank may next raise rates. The possibility of a delay sent stocks higher after her comments.

But with the little changed on the year, it's apparent that the Fed is not sending a clear message to Wall Street and that's wreaking havoc with investors' ability to find winning trades.

In exclusive content for Pro subscribers, CNBC's Bob Pisani explains the Fed's "transition phase" and what conditions need to be in place for it to finally make a move.