No change in our Fed call after Yellen’s speech; still see a December hike – Nomura

Nomura says the market is overestimating the chance of a Sept hike
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From Nomura:
Yellen’s opening address to this year’s Jackson Hole symposium was, for the most part, what we expected. Yellen gave us a relatively brief description of her views on the "Current Economic Situation and Outlook". There were few surprises in this part of her speech. She noted that economic growth has "not been rapid." Nonetheless, "labor utilization" has improved. Looking forward, she expects: "moderate" growth, the labor market to strengthen, and inflation to rise. Based on that outlook she expects that "gradual" interest rate increases will be "appropriate" over time. Last, she said "I believe the case for an increase in the federal funds rate has strengthened in recent months."