As the market now diligently calculates the suddenly surging odds of a December rate hike, here's Yellen with a preview of what will happen once the rate hike cycle is aborted...

YELLEN SAYS IF OUTLOOK WORSENED FED MIGHT WEIGH NEGATIVE RATES

YELLEN SAYS NEGATIVE RATES COULD HELP ENCOURAGE BANKS TO LEND

... just as it was aborted in Japan in August of 2000 when the BOJ also decided to send a signal how much stronger the economy is by hiking 25 bps, only to cut 7 months later and to proceed to monetize not only all net Japanese debt issuance a decade later, but to hold half of all equity ETFs.

The good news:

YELLEN SAYS SHE DOESN'T SEE NEED FOR NEGATIVE RATES NOW

YELLEN SAYS FED SEES ECONOMY ON STEADY PATH OF IMPROVEMENT

Because when have the Fed's forecasts before ever been wrong.