From Goldman - via Business Insider:

• Fed Vice Chair Janet Yellen delivered an important speech on Fed communication today. We see three takeaways: (1) the committee appears close to shifting the forward guidance from a calendar-based to an outcome-based approach; (2) any threshold rule is likely to be expressed in terms of unemployment and inflation; and (3) any outcome-based guidance is (for now) likely to be specified for the funds rate only.