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Janet yellen begins her speech by making the case that the labor market still need improvement. But how much or how the fed might accomplish that is a tricky question third as the recovery progresses, assessment to be labor market needs more nuanced because of the considerable uncertainty about the level of employment consistent with the mandate. She spends the rest of her speech discussing those nuances. Why has Labor Force Participation dropped . She says that is a key question for policymakers. What portion of the decline in Labor Force Participation reflects structural shifts and what portion reflects weakness in the labor market . She runs through a number of other indicators asking why parttime employment remains so high. Why the quits rate is moving up. She talks about wages. You should see wages go up, but if they dont, maybe it doesnt mean there is lack of the market. She doesnt say that Wage Inflation is a problem. She says the fed has 19 indicators theyre looking at. Improve

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