What does a flashing yellow light mean?

A flashing yellow light indicates that drivers should proceed with caution. This signal advises motorists to be aware of their surroundings and to navigate through the intersection or the area carefully. It suggests that there may be potential hazards ahead or that the traffic rules in that area require extra vigilance.

In contrast, the other options suggest actions that don't align with the meaning of a flashing yellow light. For example, proceeding with speed is misleading; it can lead to unsafe situations as the driver might not be prepared for any obstacles. Stopping immediately contradicts the purpose of the flashing yellow light, which encourages movement rather than halting. Yielding to pedestrians only does not encompass the broader caution that drivers need to exercise in potentially complex driving scenarios indicated by this signal.