Tuesday's podcast was titled, "Will She or Won't She?" referring to whether or not Janet Yellen would announce an interest rate hike for the first time in almost 7 years

Today we got the official answer: "No."

For the 54th consecutive time, the Fed has left interest rates unchanged at zero

What is even more amazing, in the Q&A immediately following the announcement, Janet Yellen admitted that she could not rule out the possibility that interest rates would stay at zero forever

A reporter asked her if the Fed may be trapped at zero forever

Among the excuses the Fed used was problems in overseas markets, which opens up a grab bag of excuses for the Fed conveniently explain why it is not going to raise rates

I said from the beginning the Fed has no intention of raising rates

They also mention that these problems may spill over into the U.S. economy

She also mentioned additional problems in the labor force: wages, people re-entering the workforce and more full-time jobs

That is not going to improve in the next three months, yet the Fed is still pretending that it could raise rates in October or December

Yellen is also no ruling out that the Fed could keep interest rates at zero forever, so who cares about what she won't rule out?

Janet Yellen answered the reporter's question by saying, " We don't think we are going to be in that situation, however I can't rule it out."

So the fact that she is not ruling out an October or December rate hike means nothing, because she also can't rule out zero interest rates forever

What else does this tell you?

She is concerned that rates will be at zero for a long time

Janet Yellen believes that the Fed could actually keep interest rates forever

They won't even stay at zero for the end of this decade because ther is going to be a currency crisis that forces the Fed to raise rates

The only reason the Fed has maintained the illusion of control for so long is that the market is believing them

When They figure what the Fed is really doing, then it is over with

Then the dollar will tank, creating upward pressure on inflation

They will have to raise rates; market will not give them a choice

Janet Yellen does not know this

Another reporter asked her if the Fed will adjust their policy if inflation gets to inflation sooner than anticipated

Yellen went out of her way to state that 2% is the target, but not the ceiling

I think the Fed does not have a ceiling, but the market does

Another interesting discussion was regarding the balance sheet

The Fed can't start shrinking the balance sheet until they raise rates

Yellen admitted that since rates are still at zero, they are pushing back the time when the Fed will begin shrinking the balance sheet

If the Fed never raises rates, then it can never shrink its balance sheet

The Fed may never raise rates on its own volition: I know eventually they will have to raise rates

And then it will be a complete catastrophe

But everybody is still pretending everything is great, maybe the Fed will raise rates in October of December

Here's another interesting development: the market was up all day but it sold off down 65 points. A pretty big reversal.

Ultimately the Fed will have to officially take rate hikes off the table

What kind of bad news will they need to do that?

We got bad news today: Housing Starts were significantly below estimates and the prior month was revised down

Bloomberg Consumer Comfort Index had its second lowest week in a year

The worst number that came out was Philly Fed - was expected to come in at +6, but actually came in at -6

The biggest miss in 4 years

Given all this bad news, the Fed, under normal situations would be lowering rates

I believe at some point we will see weakness on the jobs numbers

I also believe this holiday season will disappoint

The Fed has cracked the door for the possibility of QE4 by mentioning global market instability