Goldman Sachs: Yellen unlikely to be moved by single poor jobs report

Analysts at Goldman Sachs came out with a preview of Fed Chair Yellen’s speech on the economic outlook and monetary policy at the World Affairs Council of Philadelphia's luncheon due today at 16.30GMT.

Key Quotes:

The speech by Fed Chair Janet Yellen today should provide a comprehensive update on how her thinking has evolved.

We don't believe that one single employment report has dramatically changed her view relative to her relatively constructive May 27 remarks.

Although she will undoubtedly give a nod to slower job growth and emphasize data dependence, we still expect an indication that her baseline path includes another hike fairly soon.

 In fact, she may even repeat the "coming months" language from May 27, which not only signals a steady hand but is also an elegant way of deferring the issue beyond the June meeting, now that a new month has begun.