So far, Yellen and Fischer are playing "good cop, bad cop" very well.
In a speech on the Fed's "toolkit," Yellen devoted only three brief paragraphs to the current economic outlook. The key sentence is here: "Indeed, in light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months."
But Janet Yellen cannot help but be, well, Janet Yellen. She immediately hedged this comment with other, dilutive statements:
"Of course, our decisions always depend on the degree to which incoming data continues to confirm the Committee's outlook."
"...the range of reasonably likely outcomes for the federal funds rate is quite wide..."
"...the economic outlook is uncertain, and so monetary policy is not on a preset course."
What's this all mean? Yellen clearly implied that every meeting is still live, but she did not tip her hat enough to indicate that September is any more likely than before her speech.