Janet Yellen

A Furious Rick Santelli Rages At Janet's Jawboning: "Please, Don't Help Anymore"

"Central banks buying in the [stock] market... you really think that's a good idea?" Raging about central banks' picking winners, buying Deutsche Bank, and keeping stocks "steady" around elections, Santelli exploded, "is that the world we really want to live in?" The Fed's buying stocks "will completely and utterly and in every possible way destroy and value in the marketplace..."

Trump's Right - Morgan Stanley Warns "Big, Fat, Ugly Bubble" Is "An Illusion" Driven By The Fed

"In a looping debate rant, Mr. Trump argued that an increasingly “political” Fed is holding interest rates low to help Democrats in November, driving up a “big, fat, ugly bubble” that will pop when the central bank raises rates. This riff has some truth to it... The stock market should be a barometer of the economy, but in practice it has become a barometer of Fed policy."

Yellen Says Fed Buying Stocks Is "A Good Thing To Think About" And Could Help In A Downturn

Having hinted overnight that The Fed could buy stocks "maybe in the future," Janet Yellen blurted out confirmation that buying assets other than long-term U.S. debt is on the table. Despite the total and utter failure of SNB and BOJ direct equity buying to create increased consumption, Yellen explained "it could be useful to be able to intervene directly in assets where the prices have a more direct link to spending decisions."

The Central Bank Power Shift From West To East, Game Of Thrones Style

The Fed clings to status quo. Other central banks are vying to knock it down, or at least loosen its grip on them. But the Fed behaves as if it has no idea there are other powerful central banks that want to grab and harness its power. It carries on refusing to acknowledge that there may come a time, sooner rather than later, where its power is attacked. The ramifications of such an attack will impact the standing of the U.S. in the world.  The Fed can carry on being oblivious, but Game of Thrones illustrates the struggles playing out right now.

Watch Live As Wells CEO John Stumpf Gets Grilled On The Hill Again: Five Things To Look For

Wells Fargo embattled CEO John Stumpf returns to Capitol Hill for the second time in 10 days, for a contentious hearing with the House Financial Services committee. Despite Stumpf's belated clawback of $41 million in unvested stock, which took place only after tremendous congressional and populist outrage, his job remains very much under threat.

Frontrunning: September 29

  • Stocks Jump as OPEC Splits Markets; Indian Assets Drop on Attack (BBG)
  • In U-Turn, Saudis Choose Higher Prices Over Free Oil Markets (BBG)
  • Congress Passes Spending Bill to Keep Government Running (WSJ)
  • Wells Fargo chief Stumpf heads to Hill with pressure mounting (Reuters)
  • Lawmakers Won’t Let Wells Fargo Forget Its Scandal Anytime Soon (BBG)

Crude Declines As OPEC Deal Doubts Emerge; Futures Roll Over

After oil soared over 5% yesterday, its biggest jump since April, overnight skepticism and doubts have emerged about the viability and compliance with the deal, coupled with a boost in production by non-OPEC producers, and as a result WTI has dipped back under $47, down 0.5%, suggesting that the OPEC surge may be short-lived, and modestly pressuring US equity futures.

The Banquet Of Consequences Is Being Served (By The Central Banking Cartel)

Last week, the Federal Reserve decided to keep US interest rates unchanged, marking its 96th month of life at the zero bound. Apparently, for all of its "data dependence", the Fed feels the economy could still benefit from *just* a little more of its ZIRP happy juice. But as anyone with a little common sense will tell you, More is not always better. It's quite possible to have too much of a good thing. And in its pursuit to kick the can for a little longer, the Fed has crossed a dangerous line.

Janet Yellen Testimony Live Feed: Five Key Things To Look For

This morning, Janet Yellen testifies before the House Financial Services Committee on financial regulation topics. While there us unlikely to be much talk of monetary policy, it may come up, although most of the lawmakers’ questions are likely to relate to the Fed’s oversight of banks; other questions may touch on the Fed's recent bank commodity oversight push, the November election, and especially the recent Wells scandal.

Will Yellen Resign If Trump Wins

Trump's attack on the Fed chairwoman during this week's presidential debate was so vicious that Paul Ashworth, chief US economist at Capital Economics, now thinks it's possible Yellen will have to resign if Trump ends up becoming president.