Just as Goldman has predicted (and the market had seemingly hoped would not happen), Janet Yellen, in her first speech as new Fed chair "stayed the course" on the Taper:

*YELLEN SAYS FOMC LIKELY TO CONTINUE QE TAPER IN MEASURED STEPS

*YELLEN SAYS RECOVERY IN LABOR MARKET IS `FAR FROM COMPLETE'

*YELLEN SAY FED TO `CONTINUE TO MONITOR FOR EMERGING RISKS'

*YELLEN: MAIN RATE LIKELY TO BE LOW WELL PAST 6.5% JOBLESS RATE

Of course, the Q&A (and hawkish follow-up panel) may well be the "common knowledge" setting moment for today but for now, the Taper is on and forward-guidance

Pre-Yellen: S&P Futs 1801, Gold $1285, 10Y 2.68%, USDJPY 102.3

On Growth...



*YELLEN PREDICTS MODERATE GROWTH IN ECONOMY, JOBS IN 2014, 2015

*YELLEN SAYS ECONOMY GAINED MORE TRACTION IN 2ND HALF 2013



On Inflation...



*YELLEN EXPECTS INFLATION TO MOVE TOWARD 2% `OVER COMING YEARS'

*YELLEN SAYS SOME SOFTNESS IN INFLATION LIKELY TO BE TRANSITORY



On Jobs...



*YELLEN SAYS `TOO MANY AMERICANS REMAIN UNEMPLOYED'

*YELLEN SAYS UNEMPLOYMENT RATE DOESN'T GIVE FULL VIEW OF JOBS

*YELLEN SAYS RECOVERY IN LABOR MARKET IS `FAR FROM COMPLETE'

*YELLEN: MAIN RATE LIKELY TO BE LOW WELL PAST 6.5% JOBLESS RATE

*YELLEN SAYS FOMC LIKELY TO CONTINUE QE TAPER IN MEASURED STEPS

*YELLEN REITERATES SHE `STRONGLY' SUPPORTS CURRENT FOMC POLICY



On Taper



*YELLEN `COMMITTED TO ACHIEVING BOTH PARTS OF OUR DUAL MANDATE'

*YELLEN SEES `GREAT DEAL OF CONTINUITY' IN MONETARY POLICY

*YELLEN SAYS BOND PURCHASES BY FED `NOT ON A PRESET COURSE'

*YELLEN: HIGHLY ACCOMMODATIVE POLICY APPROPRIATE AFTER QE ENDS



On EM Risks...



*YELLEN: GLOBAL MARKET SHIFTS NOT A BIG RISK TO U.S. OUTLOOK

*YELLEN SAY FED TO `CONTINUE TO MONITOR FOR EMERGING RISKS'

Wordcloud of Yellen's speech:

Full prepared remarks (pdf)