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Janet Yellen: Fed To Stay The Course On Taper - Full Testimony
Just as Goldman has predicted (and the market had seemingly hoped would not happen), Janet Yellen, in her first speech as new Fed chair "stayed the course" on the Taper:
- *YELLEN SAYS FOMC LIKELY TO CONTINUE QE TAPER IN MEASURED STEPS
- *YELLEN SAYS RECOVERY IN LABOR MARKET IS `FAR FROM COMPLETE'
- *YELLEN SAY FED TO `CONTINUE TO MONITOR FOR EMERGING RISKS'
- *YELLEN: MAIN RATE LIKELY TO BE LOW WELL PAST 6.5% JOBLESS RATE
Of course, the Q&A (and hawkish follow-up panel) may well be the "common knowledge" setting moment for today but for now, the Taper is on and forward-guidance
Pre-Yellen: S&P Futs 1801, Gold $1285, 10Y 2.68%, USDJPY 102.3
On Growth...
*YELLEN PREDICTS MODERATE GROWTH IN ECONOMY, JOBS IN 2014, 2015
*YELLEN SAYS ECONOMY GAINED MORE TRACTION IN 2ND HALF 2013
On Inflation...
*YELLEN EXPECTS INFLATION TO MOVE TOWARD 2% `OVER COMING YEARS'
*YELLEN SAYS SOME SOFTNESS IN INFLATION LIKELY TO BE TRANSITORY
On Jobs...
*YELLEN SAYS `TOO MANY AMERICANS REMAIN UNEMPLOYED'
*YELLEN SAYS UNEMPLOYMENT RATE DOESN'T GIVE FULL VIEW OF JOBS
*YELLEN SAYS RECOVERY IN LABOR MARKET IS `FAR FROM COMPLETE'
*YELLEN: MAIN RATE LIKELY TO BE LOW WELL PAST 6.5% JOBLESS RATE
*YELLEN SAYS FOMC LIKELY TO CONTINUE QE TAPER IN MEASURED STEPS
*YELLEN REITERATES SHE `STRONGLY' SUPPORTS CURRENT FOMC POLICY
On Taper
*YELLEN `COMMITTED TO ACHIEVING BOTH PARTS OF OUR DUAL MANDATE'
*YELLEN SEES `GREAT DEAL OF CONTINUITY' IN MONETARY POLICY
*YELLEN SAYS BOND PURCHASES BY FED `NOT ON A PRESET COURSE'
*YELLEN: HIGHLY ACCOMMODATIVE POLICY APPROPRIATE AFTER QE ENDS
On EM Risks...
*YELLEN: GLOBAL MARKET SHIFTS NOT A BIG RISK TO U.S. OUTLOOK
*YELLEN SAY FED TO `CONTINUE TO MONITOR FOR EMERGING RISKS'
Wordcloud of Yellen's speech:
Full prepared remarks (pdf)
»
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Treasuries to rally then? You don't say...
Gold should too.
must... keep... debt... affordable...
....by taking on more debt.
Debt is a asset... AND WE GOT PLENTY OF IT!
I call bullshit. Markets will crash. And Yellen will be a-printing. Mark my words. Bitches.
I wouldn't take that bet. The Fed is only interested in the major banks. They don't give shit about anything else, including the stock market, except if it affects the banks.
And if you keep giving the banks trillions how can anything affect them?
Well, specifically, at this point I think the banks want interest rates to rise. Denninger has been writing about this, but ZIRP is slowly killing the insurance companies and pension funds. The banks don't want that. Plus, now that they're recapitalized and have gorged themselves on as much real estate as they want, the banks would probably welcome a stock market crash so they could buy stocks on the cheap with their excess reserves.
BINGO! I have arguments with permabulls all the time regarding not only the FEDs powers but their intent. The FED is owned by Chase, Wells Fargo, BofA, etc as we all know. For our charade of a system to work requires booms AND busts. For the big banks to continue their thievery they must buy low and sell high. With their balance sheets being relatively clean and awash in fiat a stock crash serves their interests. A rise in interest rates as you pointed out helps insurance and pensions while hurting RE, but considering that residential RE is toast anyway and the banks have far less exposure than in 2008 I think the FED will have everyone take their Housing Crash 2.0 medicine now rather than later. They know the longer they wait the worse the pop will be.
Fed's cuntinuity in action... ;-)
Looney
"...it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6-1/2 percent, especially if projected inflation continues to run below the 2 percent goal"
In other words, "my colleagues and I on the FOMC know full well these numbers are completely unreliable. But thanks to the dilligent efforts of our propaganda apparatus, we can continue to enrich our most important clients for a further indeterminate amount of time."
Taper "likely" to continue. Yeah. Uh huh.
Say it is when it isn't.
Anyone else catch that 110 billion dollar reverse REPO? Who will blow up next?
The derivitaves mkt would be a good start.
Oh yes it will Ignoramus!
I've said before the Big Banks who OWN the Federal Reserve have given up on playing the stuuuupid fucking QE game to support Obozo now that he's lost all political power.
"...Ignoramus!"
Excuse me, but it's Ignatius J. Reilly, Mongoloid, Esq. to you.
"...QE game to support Obozo..."
He's been a good little doggie. Isn't QE about the banks?
QE has always been about funneling cash to the Big Banks. It was never about Obama or anything else. They are tapering now because the risks to those banks from continuing QE outweigh any additional benefits to the banks from QE. It's as simple as that.
BINGO again Edog. You win the thread!
Is there no live stream? I can't find it on CSPAN or Bloomberg.
this is just a release of prepared remarks
you're into grannyporn he?
A daily dose of two minutes hate is more like it, comrade.
europe up 1% so who cares what yellen says /s
barclays walking a failure tightrope and all is well in euroland
Thank fuck there is no picture of her in this article
Yea, our politicians are more pitiful looking than at any time in recent history.
Inbreeding will do that...
I think Mark Davis, the owner of the Oakland Raiders, is the love child of Al Davis and Janet Yellen.
http://www.faniq.com/blog/The-Curious-Case-of-Raiders-Owner-Mark-Davis-Blog-72783
A grown man with a bowlcut who is not mentally disabled disqualifies himself from any position of responsibility. Poor Raiderfans, I thought they had hope once the crazy old man died, then I saw his son. By now I would have thrown in the towel and supported the 49ers.
shhhhhhhhhh....don't give the Tylers any ideas
When did it start beautiful?
So glad we can audit them to make sure
So the pin is pulled out of the clusterfuck grenade...
Tick tock tick tock...
From yesterday...."Bulls can only hope that Birinyi is correct (and it's the stock that matters)..."
so far, so good.
@fonzannoon
This is the point in the saga where she's bathing herself in the punchbowl. Everyone else still sees the that the punchbowl hasn't been taken away, but they're blind to to her spoiling it. After she stews in it awhile, nobody's gonna want it....
I hear you man. I still think we have some serious juice left in the tank. But I guess we will see. The fact that they are going ahead with cutting down the flow tells me they are either making a huge mistake, or feel pretty damn confident skynet is up and running.
Recovery in labor market is far from complete. Ask the 48 million households on snap if there is any recovery in the labor market you withered old troll.
I heard she brought cookies. Oatmeal rasisin!
Ensure IV drips for everyone!
Money
Get away
You get a good job with good pay and you're okay
Money
It's a gas
Grab that cash with both hands and make a stash
New car, caviar, four star daydream ...
http://www.youtube.com/watch?v=cpbbuaIA3Ds
Who's gonna blink first?
Either way, we don't win.
Yellen says "we'll debase the dollar with 50% but nobody will notice it and she doesn't expect any fallout"
Who cares. Taper ...no taper...we cant audit them, so what they say has no reflection on reality. 85 billion a month? could be 400 billion or 0. How are we to know?
Taper on Biatchz!
"vini, vidi, vici"
What's that Yellen is Smellin'?
did anyone actually think this stupid fucking cunt would say anything to tick off the markets?
we must rally on, spy, goog, fb, twtr, all must finish green, the dow must get back to 16000, they will wipe away the entire 7 percent loss from the start of the year in a heartbeat.
why the fuck would the fucking market be up last week the final 2 days on absolute shit data the amount it was, other than the fact that these stupid fuckers will control this thing and never let it happen.
i hope all these bankers fucking die.
She didn't give her 2 cents on when to short JPY? Disappointing.
Market order....wide stops.....
Go for it.
Shalom!
Global market risks are not a big issue for the U.S? Where did I here that before?
Oh yeah.....Sub-prime is contained and not a major risk. ~The Bernank~
memory lane for anyone who is interested
https://www.youtube.com/watch?v=9QpD64GUoXw
Morgan Gold: Gold Shortage - Is It Time To Buy Gold?
There is Gold shortage to come very soon as all the Gold which has gone to the East will not be coming back. China is accumulating Gold with military state-level planning and devotion. The real numbers of 2,181 tons of Gold imported by China last year, Koos Jasen is talking about, are really groundbreaking and close to the world's annual production.http://sufiy.blogspot.co.uk/2014/02/morgan-gold-gold-shortage-is-it-time...
has been for the last decade
the wordcloud code:
~~~~~~~~
financial Committee
inflation rate
labor market
percent purchases
current year
Federal federal
~~~
pretty much says it all right there
I can see it now. Hillary in the white house riding in on a broom. Yellen pulling the strings behind the curtain. The problem? There exists no substance known to man that will cover the collective stench of the vaginal discharge eminating from those 2 cunts. Moreover, I think Bill had it right. Long tuna flavored cigars.
Yellen, as you claim in your report to the House that you and your FED are "strengthening the financial system", answer me this:
Why oh why did the FED propose to use a "credit rating" system (CRC) to "strengthen the liquidity position" of TBTF banks that is not used for sovereign credit rating anywhere in the world (it's not a credit rating!).
Could it be that one of your primary dealers suggested this to your friend Dudley at the NY FED? Could it be that this is being done because based on this "system" Greek debt and other garbage can be used as "risk free" collateral for calculating liquidity ratios?
Do you work for the people or do you work for JP Morgan?
"Do you work for the people or do you work for JP Morgan?"
umm .. she works for a private bank. What's the "people" got to do with it?
Sarcasm new to you?
Sorry brotha... not used to reading your posts .. my bad.
"And we have the market going up WITH a continuation of Taper AND no POMO today!!" At least no "official" POMO...
How come the Bernank is called "Chairman" but old Yellen is just called "Chair?"
Could it be that the Fed Presidents and Governors don't recognize women as people? Pretty old school, those lifeless fuckers.
Maybe we need Sheryl Sandberg to "lean in" on some of them. A little titty bump could probably do some good, except for the gay one's like James (just the tip, please) Bullard.
Oh, well, keep stakin'...
To use the word "man", as in "Chairman", implies an acknowledgment that the person in question is actually a member of the human species.
I think Yellen has them confused on this point.
Corporate job building and research strategy - share buybacks.
Fuck you Yellen!!!
Don’t you mean, “Just as Goldman has instructed?”
Pre-Yellen: S&P Futs 1801, Gold $1285, 10Y 2.68%, USDJPY 102.3
Gold is drilling up through 1290 now, bitchez! Silver at 20.25 and rising. I'd say BTFD, but that ain't possible right now...but I'll still buy silver all day any day as long as it's under 30/oz.
Why does Yellen speak as if she forget her small helmet in the green room? I guess being stupid isn't illegal?
With Ben, Housing crisis was "contained". Now this:
YELLEN: GLOBAL MARKET SHIFTS NOT A BIG RISK TO U.S. OUTLOOK!!
- so how about Obama and doubling EXPORTS? To where?
- AND S&P getting 1/2 earnings from overseas? How?
Stay tuned!