Below is Fed Chairman Janet Yellen's prepared speech at Jackson Hole - 'The Federal Reserve's Monetary Policy Toolkit'. She said the rate hike case has strengthened in recent months.

The risk to markets Friday is that Fed Chair Janet Yellen simply sounds more ready than markets expect to raise rates for the second time in 10 years.

The Fed has no cred. Federal Reserve policies have moved from beneficial in the early years of Quantitative Easing and reduced interest rates to ineffective over the past few years.

I’m on my way to join the world’s central bankers at Jackson Hole for the 35th annual monetary-policy conference in the Grand Teton Mountains. I attended the first monetary-policy conference there in 1982, and I may be the only person to attend both the 1st and the 35th.