She used her much-anticipated speech to paint a cautious and measured picture of the U.S. economy.
Here's why the market volatility is likely to continue in the short-term.
The markets' relatively muted reaction signaled that macroeconomic effects would be limited.
Fed officials will note the continued recovery of the U.S. economy.
The ECB risks moving closer to the point where unconventional policies are less effective and possibly counterproductive.
ECB officials will be under significant pressure to expand the bank's support for a European economy that is losing growth momentum.
A sputtering global economy and central bank ineffectiveness point to further volatility.
The reduced effectiveness of central bank policies lie behind much of what ails the global markets.
Fed officials have to deal with a host of issues that have arisen since they started hiking rates last month.
The October jobs report on Friday provides a domestic green light for the Federal Reserve to raise rates when its policy-making committee meets, says Mohamed El-Erian.