Fed Chair Janet Yellen in a speech Wednesday before the Economic Club of New York reiterated some of the dovish points we've heard before. She stressed the need for accommodative policy amid slack in the labor market and persistently low inflation. She also said the economic recovery could be nearly complete within two years.

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Cardiff Garcia, U.S. Editor of FT Alphaville, tells us in the accompanying video that Yellen's speech was also interesting for what it did not address.

"She didn't talk about financial stability concerns," he says. "This has been an increasingly important topic for other members of the FOMC in the last few months. The idea that low rates and quantitative easing could lead to financial instability later on down the line ... [Yellen] herself has also cited instability from time to time as something to keep an eye on."

He sees the Fed more focused on hitting its targets on inflation and employment, both of which it is missing.

Related: Short-term interest rates likely to stay near zero for 2 more years: David Kotok

Garcia says Yellen was making a more naunced point when she said the economic recovery could be nearly complete within two years. While the Fed forecasts the unemployment rate will bottom out and inflation will pick up by the end of 2016, Garcia contends that Yellen's point was not that Fed forecasts will be right (they often are not), but that she wants to communicate how monetary policy will adapt if the economy doesn't live up to foreecasts.

Meanwhile, the Fed's Beige Book -- an anecdotal report of the countries economic conditions --  showed the U.S. economy largely came out of the cold weather-related slump over the last six weeks. Check out the video to see if Garcia thinks the recent data broadly bears that out.

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