What does a flashing yellow light indicate?

A flashing yellow light indicates to drivers that they should proceed with caution. This signal is used to alert drivers that they need to be aware of their surroundings and be prepared to take appropriate action, such as slowing down or yielding to other vehicles or pedestrians if necessary. It conveys a message of alertness without requiring a complete stop, allowing traffic to flow while still ensuring safety.

In contrast, the other options suggest actions that are either too abrupt or misinterpret the intent of a flashing yellow light. Stopping immediately is not required, as traffic should continue moving but with careful consideration. Yielding to pedestrians is important but not the primary instruction of a flashing yellow light; rather, it is an overall precautionary measure. Speeding up to clear an intersection is dangerous and contrary to the intention of the flashing yellow light, which emphasizes caution rather than haste.