Larry Kudlow: I Agree with Janet Yellen

CNBC contributor Larry Kudlow highlights key market factors from Janet Yellen's speech before the Economic Club of New York.

LARRY KUDLOW: She basically pointed to a couple of market factors that I think are very important saying, for example, that the U.S. and world economy are doing less well now than back in December when the Fed made its one and only rate hike. I agree with that.

She also pointed to very low, market-based inflation expectations. I agree with that.

And in terms of data-driven or data-dependent, she said, "Look, the consumer price deflator...is only one, one-and-a-half percent and that's not much inflation. That's not too much to worry about. I agree with all that.

Sounds like we're not going to have another Fed rate hike for quite some time. Maybe once before the end of the year.