Today was the expected day for expected rate hikes, indicating economic "lift-off"

The June rate hike is off the table and everyone is focusing attention on September

The prepared remarks are just a smokescreen to maintain the pretense that the economy can withstand a rate hike

The Q&A session after the the prepared remarks were more revealing

Janet Yellen ducked the question of why people who recommend postponing the rate hike to 2016 are wrong

Yellen stated that the "dots" used to forecast rates are based on mere projections

The FOMC is always too optimistic about the economy, so if they are wrong again, the dots are meaningless

Yellen tacitly admits she is hiding behind the data, stating that even if rates to rise, it will be a nominal amount

Yellen's response to CNBC's Steve Liesman question regarding what labor milestone would justify a rate hike was especially telling

She said she needs to see further improvement in the Labor Market before she begins to raise rates

How much improvement does Yellen expect in the labor market over the next three months?

There is a good chance that the labor market will not be as strong in the next three months

She is letting the cat out of the bag; saying that rate hike is not likely in September, either

Yellen questioned the "obsession" about when rate hikes start because the first rate hike will not necessarily indicate normalization

She is indicating that a rate hike may be symbolic

The highly stimulative rate of zero to .25 is only necessary when trying to sustain a bubble

In response to a question about the Federal Reserve under Greenspan, Yellen indicated that it was a mistake for him to raise rates slowly and methodically

I was vocal Greenspan's decisions at that time, arguing that his actions were creating the real estate bubble

Yellen is now moving interest rates even more slowly over a period of 7 years

I may not be the only person who noticed how dovish Yellen's statements are

The knee-jerk reaction on the Fed's statement was to buy the dollar, but quickly turned into a selloff, and it intensified during the Q&A session

The dollar was on the lows of the day as it gets closer to the time rates were expected to raise

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