Yellen Throws Cold Water on June Rate Hike But Summer Liftoff Is Still in Play

Federal Reserve Chair Janet Yellen's speech on Monday took a June rate hike off the table, according to one expert, but the Fed may still hike rates later this summer. 'The market was somewhat worried from the [jobs] number on Friday,' said Ryan Larson, head of equity trading at RBC Global Asset Management. 'Yellen reiterated that one month's report is certainly not a trend and the other thing she did is all but take off the odds that the Fed is going to raise rates in a couple of weeks when they meet.' The economy created 38,000 jobs in May, falling short of the 158,000 positions Wall Street had expected. 'Although this recent labor market report was, on balance, concerning, let me emphasize that one should never attach too much significance to any single monthly report. Other timely indicators from the labor market have been more positive,' Yellen added. But Larson said a summer rate hike isn't off the table, including one in July or September. TheStreet's Scott Gamm reports from Wall Street.