It is a brave new world, of many worlds that have come before and which can irrupt again. Point? There are no sustained trends. Last quarter the Main Street economy neared recession. Now jobs and growth are supposedly bouncing back. Next quarter, who knows? For almost any object of analysis today there are innumerable possibilities, all of which fizzle out.
The Federal Reserve knows this or sees it.
What they want to do however is bring back what postmodern theory long ago said would be ended: mastery over the Object World, of finances, money, economics, even politics (Remember the don't fight the Fed saying?). The subject does to the object world, or so it was said in the old, Modern era.
But without clear trends to guide or to ride, the Fed is out of a job.
So it is now trying to simulate mastery over events by talking about rate hikes. Yellen wants to do so and probably will. But she will not be able to gain the mastery over events that the Fed. would like. The bond market is already way ahead of the Fed.
The mastery game is over.