Highlights of the Federal Reserve speech from Must be confident underlying inflation is moving to objective or, we have work to doI would be hard pressed to describe broad financial conditions as restrictive.While this summer's PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved.Overall economy appears to have strengthenedCredit and loan markets showing few signs of policy restraintInflation expectations tend to look durable until they don't, must be closely minedBusiness investment rising rapidly"We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do," he said. His answer at the moment appears to be that he's not confident but he isn't strongly signaling it.Ahead of the speech, the market was pricing in a 33% chance of a hike on September 16. The S&P 500 was up 7 points and the yen was trading at 159.57.This reads to me like he's strongly leaning towards a hike. This article was written by Adam Button at investinglive.com.