I do not crave validation, but Yellen has just confirmed everything I have said on this board.
inflation is key and difficult to judge, and looks to be significant
wage gains aren't there
labor force participation rate includes those only looking for jobs
the current data require interpretation rather than action on face value
current data do not necessarily give an accurate picture of reality
Everything is on track when taken at face value only, and yet there was no rate increase. Why? Because you need to look behind the numbers, that is why.
And when you do, you see that the labor market is no great shakes, that "real growth" isn't there, and that perceived aggregate growth is quite possibly largely due to inflation.
Again, I couldn't care less about validation, because these things are obvious, and uninteresting. The difficult and interesting thing is how to interpret the totality, and what to do with the information, given your scope of possible action.