"Based on this economic outlook, the FOMC continues to anticipate that gradual increases in the federal funds rate will be appropriate over time to achieve and sustain employment and inflation near our statutory objectives."
That statement did enough to meet the expectations that the market had built in around the speech - but only just.
Without any specific timetable for rate hikes many remain sceptical about the certainty of hikes.
The US central bank lifted the rate for the first time in almost a decade last December - to 0.5 per cent - and outlined plans for a series of hikes throughout 2016.
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But market turmoil early in the year and other global events like the Brexit vote in the UK have seen them stalled.
The timing from here will remain contingent on the flow of economic data in the US - particularly employment data - and ongoing market stability.
Based on recent history, it wouldn't take much to put them back on hold.
While the focus was on rates Yellen spent much of her speech dealing with the big issues that confront central banks around the world.
Without any specific timetable for rate hikes many remain sceptical about the certainty of hikes.
Many argue the power of central bankers has waned as rates of moved towards zero and there is risk that they won't have the tools to deal with future recessions.
Yellen defended the value and effectiveness of the current monetary policy regime.
Fears of it redundancy were "exaggerated," she said. In the event of another downturn the Fed would be able to use bond purchases and forward guidance to ease conditions.
But she did acknowledge that it may be worth exploring other options, including broadening the range of assets it can purchase, raising the inflation target, or targeting nominal GDP.
- with additonal reporting from agencies
