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Yellen Testifies In Congress - Live Webcast

Tyler Durden's picture




 

In a few short minutes, Fed Chairmanwoman Janet Yellen will hold the first part of her two-day testimony in Congress before the Joint Economic Committee (followed by testimony before the Senate Budget Committee), in which she will regale members of congress with tales about harsh weather in the first quarter, and who snow managed to subtract over $50 billion from the US economy in Q1. Yellen’s prepared remarks will likely focus on the FOMC’s broader views on the economic outlook, but the Q&A will be equally as important. It is possible she may be asked by Senate Committee members for more clarity on the Fed’s exit strategy and/or its view on the terminal funds rate. It is unlikely that she will say anything too market moving, especially since Goldman has schooled her how to avoid any "firm" calendar commitments of the "6 month" variety.

As Deutsche Bank notes, "She will be encouraged by the recent mix of stronger data, subdued inflation and a very well behaved bond market. However, with the market rate expectations even more dovish than the median FOMC dots, if anything there is still more risk that she is less dovish than the market has priced in, and if anything fractionally more USD friendly, but this will be subtle and not her intention, and therefore unlikely to support the USD on a sustained basis.... other topics that will get some air time include how much weight she puts on the backward looking data versus the relative strength of the Q2 data, her view on key labour market indicators, the time gap between the end of QE and the start of rate hikes and whether the Fed Chair sees any signs of financial market excess."

  • YELLEN SAYS `HIGH DEGREE' OF ACCOMMODATION REMAINS WARRANTED
  • YELLEN SAYS REASONS FOR FIRST QUARTER SLOWDOWN WERE TRANSITORY
  • YELLEN SAYS LABOR MARKET CONDITIONS `FAR FROM SATISFACTORY'
  • YELLEN SEES `SUBSTANTIAL AMOUNT OF SLACK' IN LABOR MARKET
  • YELLEN SAYS INFLATION PERSISTING BELOW 2% `COULD POSE RISKS'
  • YELLEN FORECASTS FASTER GROWTH THIS YEAR THAN IN 2013
  • YELLEN SAYS FINANCIAL CONDITIONS `SUPPORTIVE OF GROWTH'
  • YELLEN SAYS U.S. HOUSING MARKET DATA `DISAPPOINTING'
  • YELLEN SAYS `FLATTENING OUT' IN HOUSING MAY POSE RISK
  • YELLEN SAYS LOW RATES MAY PROMPT INVESTORS TO `REACH FOR YIELD'
  • YELLEN: EQUITIES, BROAD TYPES OF ASSETS PRICED WITHIN PAST NORM
  • YELLEN SAYS LEVERAGE `SUBDUED' WITHIN FINANCIAL SECTOR

However, what most appear to be focusing on is the following quote:

"the recent flattening out in housing activity could prove more protracted than currently expected"

And for the benefit of algos, here is her full testimony summarized in a word cloud:

Watch her testimony live below:

 

And here are the full prepared remarks...

 

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Wed, 05/07/2014 - 10:02 | 4735684 hustler etiquette
hustler etiquette's picture

Bernake "Grow a beard for credibility."

Wed, 05/07/2014 - 10:07 | 4735711 TruthInSunshine
TruthInSunshine's picture

Yellen - Looks exactly like Larry Summers in drag...

...sounds exactly like Woody Allen's retarded sibling.

Wed, 05/07/2014 - 10:09 | 4735724 Richard Chesler
Richard Chesler's picture

If only they'd drown in their own bullshit...

Wed, 05/07/2014 - 10:21 | 4735738 nope-1004
nope-1004's picture

Den of thieves stick together, shown here hanging with Rubin.  Yellen will continue where Bernocchio left off with more of the same lies lies lies about the real state of the economy, banks, gold, and.....

http://images.bwbx.io/cms/2013-09-18/econ_yellen39__01__630x420.jpg

 

Klobuchar is a bit of an idiot, no?

Wed, 05/07/2014 - 10:27 | 4735824 jbvtme
jbvtme's picture

can anyone estimate the size of the noose it will take to accomodate that haircut?

Wed, 05/07/2014 - 10:31 | 4735845 Manthong
Manthong's picture

Aw crap, everything has gone to the dogs.


Yellen, Sebelius, White, LaGarde.. Feinstein , Hillary et al  

 

Wed, 05/07/2014 - 11:27 | 4736045 xtop23
xtop23's picture

Rep. Hanna asks Yellen about inflation and the certainty of the FED that it has the ability to put the genie back in the bottle before it gets out of hand .........

........ and she answers with Volcker and the 70's???

Yes, Janet let's hike interest rates to 20% and explode in a fiery mushroom cloud of debt service.

FUCKIN' INFURIATING

 

question: Coats asks Yellen how they should fix the current environment for business in America....

answer: stop spending so much money.

well, no shit.

 

 

Jesus Christ ....  I can't watch anymore....... Yellen's answer to why there isn't more labor participation is because there isn't any jobs.

 

Unbelievable.

Wed, 05/07/2014 - 10:31 | 4735848 Hippocratic Oaf
Hippocratic Oaf's picture
  • YELLEN SAYS LOW RATES MAY PROMPT INVESTORS TO `REACH FOR YIELD'

no shit, BITCH!!!

Wed, 05/07/2014 - 11:14 | 4736064 xtop23
xtop23's picture

Klobucher was making me nuts. Somebody put a muzzle on that broad.

Wed, 05/07/2014 - 10:26 | 4735818 Patriot Eke
Patriot Eke's picture

Mrs. Yellen, is gold money?

Wed, 05/07/2014 - 10:19 | 4735776 HardAssets
HardAssets's picture

If they screw up and the camera angle is just right . . . you can see her horns and forked tail . . . but for just a second or so

Wed, 05/07/2014 - 10:24 | 4735804 jbvtme
jbvtme's picture

i use my matrix brand beelzebub reading glasses. 20/20 24/7 detail

Wed, 05/07/2014 - 10:38 | 4735875 Headbanger
Headbanger's picture

No.  Use the (cheap) sunglasses from "They Live" instead!

http://www.youtube.com/watch?v=QVgl1HOxpj8

 

Oh my Gawd.. I think I'll go wolk the dawg now..

Wed, 05/07/2014 - 10:29 | 4735829 Canadian Dirtlump
Canadian Dirtlump's picture

Looks like the satanic harpie's flying monkeys were dispatched to go let metal have it while she lies in front of a microphone. Her and Mary  Jo White should just fuck off and find new work sitting on the board of directors for the bowl cut guild of america or selling buttplugs door to door.

 

Good call on the Woody allen thing... like Woody Allen with more testosterone.

Wed, 05/07/2014 - 13:03 | 4736509 drendebe10
drendebe10's picture

"There ain't nuthin uglier than an old white woman."   Fred Sanford,  Sanford and Son

Wed, 05/07/2014 - 11:13 | 4736061 takeaction
takeaction's picture

Could she talk any fucking slower and drawn out....???  

Wed, 05/07/2014 - 10:03 | 4735687 TeamDepends
TeamDepends's picture

The debt is swellin'   The country's smellin'

Don't look now 'cause heeeeere's Yellen

Wed, 05/07/2014 - 10:17 | 4735762 pods
pods's picture

Can't tell if I should read that in a Dr. Scholls voice or Willy Wonka.

pods

Wed, 05/07/2014 - 10:04 | 4735691 101 years and c...
101 years and counting's picture

is that a trough of gravy next to her?  at least bernanke only required a glass of water for his lying.

Wed, 05/07/2014 - 10:25 | 4735800 what's that smell
what's that smell's picture

"who wants to watch the yellen puppet read from a sheet of paper?"

"bbbaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!"

"who wants a douche?"

"BBBAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!"

Wed, 05/07/2014 - 10:04 | 4735695 bankonzhongguo
bankonzhongguo's picture

"What else could you and your friends possibly do this year and within the next 1,000 days to destroy this once great country and its people?"

 

Wed, 05/07/2014 - 10:04 | 4735696 gcjohns1971
gcjohns1971's picture

What?

Can't she print the weather away?

How's that 'permanent high economic plateau' work then?

Wed, 05/07/2014 - 10:08 | 4735698 NoWayJose
NoWayJose's picture

But snow should have stimulated sales of Chinese made snow blowers and snow shovels.... Built in factories that were financed with low interest rates given to American companies that were able to then close their American factories... Success for the Fed!

Wed, 05/07/2014 - 10:05 | 4735700 Kreditanstalt
Kreditanstalt's picture

"The gold price" falls by $2 or $3 every few seconds as the "investors" listen to their chief speak? 

Wed, 05/07/2014 - 10:05 | 4735701 Charles Nelson ...
Charles Nelson Reilly's picture

how interesting that gold is getting monkey hammered as this bitch opens her mouth?!!?

Wed, 05/07/2014 - 10:14 | 4735740 Kreditanstalt
Kreditanstalt's picture

It really IS the "Truman Show" market.  We know exactly what will happen, without fail, every time: (paper) gold will be hammered down to @$1293 or so while this person is speaking and then, after the speech is finished, it will rise very, very, very slowly and very gradually all market session to perhaps $1298 at close. 

But the TRUE reason for the manipulation is to prevent upward momentum by changing psychology: "market participants" will have forgotten that the REAL "price" yesterday was $1314...

Wed, 05/07/2014 - 10:06 | 4735707 GrinandBearit
GrinandBearit's picture

What?.. gold over $1300 again?... must smash!

Wed, 05/07/2014 - 10:06 | 4735708 The_Ungrateful_Yid
The_Ungrateful_Yid's picture

NWO stylez  bitches

Wed, 05/07/2014 - 10:25 | 4735811 intric8
intric8's picture

Could be worse, better yellen than being forced to look at abby joseph cohen the whole time

Wed, 05/07/2014 - 10:10 | 4735713 ejmoosa
ejmoosa's picture

Transitory:  When you do  not know what the hell is happening.  

 

Tell me how you get to look at the last six months of data, Yellen, and ignore the first quarter, when talking about growth?

Wed, 05/07/2014 - 10:07 | 4735715 williambanzai7
williambanzai7's picture

Wed, 05/07/2014 - 10:09 | 4735726 LawsofPhysics
LawsofPhysics's picture

Coincidence?  I think not.

Wed, 05/07/2014 - 10:23 | 4735794 Chupacabra-322
Chupacabra-322's picture

Nope. Dead ringer.

Wed, 05/07/2014 - 10:11 | 4735735 optimator
optimator's picture

just tribal traits.

Wed, 05/07/2014 - 10:16 | 4735758 G-R-U-N-T
G-R-U-N-T's picture

That ugly ass wart reminds me of this clip in "Uncle Buck"....

https://www.youtube.com/watch?v=xEt5dEOcW0I

 

Wed, 05/07/2014 - 10:08 | 4735721 hustler etiquette
hustler etiquette's picture

If only Bartoromo would ask "Is this the Bottom?"

 

Wed, 05/07/2014 - 10:10 | 4735725 ThisIsBob
ThisIsBob's picture

Soon as global warming kicks in, we should be just fine.

Wed, 05/07/2014 - 10:09 | 4735727 optimator
optimator's picture

Wait, you're hooking me up to a Polygraph!!

Wed, 05/07/2014 - 10:19 | 4735731 Paper CRUSHer
Paper CRUSHer's picture

*BROADCAST INTERRUPTION*

Forget grandma,listen to the Jim Willie & Greg Hunter recent interview(05/07/14)instead......

http://usawatchdog.com/dr-jim-willie-russia-may-want-gold-not-stinking-dollars/

 

Wed, 05/07/2014 - 10:16 | 4735757 PAWNMAN
PAWNMAN's picture

Has a uglier woman ever held public office? She makes Merkel look like a beauty queen!

Wed, 05/07/2014 - 10:19 | 4735770 pods
pods's picture

Well Janet Reno wasn't a looker.

pods

Wed, 05/07/2014 - 11:28 | 4736138 PAWNMAN
PAWNMAN's picture

I agree with you pods. Forgot about Reno.

Wed, 05/07/2014 - 10:23 | 4735797 Dr. Engali
Dr. Engali's picture

Shrillary can make your eyes bleed.

Wed, 05/07/2014 - 10:32 | 4735857 Infinite QE
Wed, 05/07/2014 - 10:33 | 4735858 medium giraffe
medium giraffe's picture

No need to be racist, the Hutt are just different.

Wed, 05/07/2014 - 10:39 | 4735885 Toolshed
Toolshed's picture

C'mon you guys, when it comes to fugly, Mary Jo White, head troll at the SEC, is absolutely PEERLESS!!!!! Yellen is merely old and ugly.

Wed, 05/07/2014 - 10:19 | 4735763 NDXTrader
NDXTrader's picture

Is this HFT protest day? I've wondered if regulators started to take action against them would they burn the place down on the way out. The usual relentless up bid isn't there today

Wed, 05/07/2014 - 10:17 | 4735764 Seasmoke
Seasmoke's picture

Oh, to see her keel over ...... all would be good again, if only for a day. 

Wed, 05/07/2014 - 10:24 | 4735806 JRobby
JRobby's picture

Oh no! It snowed during the winter! Freak event.

The freak event would be if she got up there and told it like it is and the monkey slaves in Congress all stood up and said: "I know, let's cut the bull"

 

Wed, 05/07/2014 - 10:24 | 4735807 foodstampbarry
foodstampbarry's picture

Seriously, is Yellin retarded? I'm being serious, does anyone know?

Wed, 05/07/2014 - 10:44 | 4735917 khakuda
khakuda's picture

She sure sounds special needs.  Consider that if she is, that may actually be a step up from the overconfident criminally/lobotomized last 2 guys in the job.

Wed, 05/07/2014 - 10:30 | 4735809 medium giraffe
medium giraffe's picture

God, can someone dial her saliva glands back?  Can't understand a word.  Her notes must be laminated.  Drool mandate.

Wed, 05/07/2014 - 10:39 | 4735890 khakuda
khakuda's picture

Here is what I hear:

"We are going to keep rates low for a considerable time to allow Wall Street to create all sorts of speculative, leveraged products that will bag people yet again.  We want the US government to be able to continue to borrow for free for a very long time so that government debt can keep growing to finance continued government growth.  In this fashion, we can better monitor and control the population.  Our goal is also to starve senior citizens of income to encourage them to buy internet stocks.  You gotta be in it to win it."

Wed, 05/07/2014 - 10:39 | 4735893 Fiat Burner
Fiat Burner's picture

This is all such a fucking joke.  How is she not laughed off stage? 

Wed, 05/07/2014 - 10:39 | 4735894 Fix It Again Timmy
Fix It Again Timmy's picture

It's Dr. Evil with a wig....

https://www.youtube.com/watch?v=cKKHSAE1gIs

 

Wed, 05/07/2014 - 10:44 | 4735921 jtz5
jtz5's picture

Every answer begins with "So..."  Annoying.

Wed, 05/07/2014 - 10:47 | 4735934 Toolshed
Toolshed's picture

The one thing that is crystal clear from the ugly bag's testimony is this:

The fed has no idea what the economy is going to do in the future, or what effect their policies will have. They are in full experimentation mode, where they simply throw shit at the economy, you know that thing that effects all our lives daily, and see what sticks. This means they are behind the curve........not in front of it. If they think they have a rat's ass chance of regaining any of the confidence they may have had in the past, they are sadly mistaken.

Wed, 05/07/2014 - 10:47 | 4735935 Obama_4_Dictator
Obama_4_Dictator's picture

Fuck this shit....dog and pony show.....why can't Putin just drop a bomb in this whole charade?

Wed, 05/07/2014 - 10:49 | 4735941 medium giraffe
medium giraffe's picture

Wait.. she thinks those MBSs are going to mature before they default? What?

Fucking looney tunes.

Wed, 05/07/2014 - 10:48 | 4735942 Ariadne
Ariadne's picture

That wig is sooo Janet Reno...

Wed, 05/07/2014 - 10:51 | 4735950 Toolshed
Toolshed's picture

The ugly hag keeps referring to a 2% inflation mandate that they were given by congress. Does anyone know what piece of legislation that is hidden in? Or is she talking out of her great big ass again?

Wed, 05/07/2014 - 10:52 | 4735955 news printer
news printer's picture

by mistake I read the title as

Yellen terrifies in congress ;)
Wed, 05/07/2014 - 10:58 | 4735975 Itchy and Scratchy
Itchy and Scratchy's picture

Slip her into a litle school girl uniform ...and then maybeeeee ..........

Wed, 05/07/2014 - 10:57 | 4735982 Yen Cross
Yen Cross's picture

     She's got those "liver lips" that every toddler fears...

Wed, 05/07/2014 - 11:01 | 4736003 the grateful un...
the grateful unemployed's picture

now come give aunt louise a big kiss now

Wed, 05/07/2014 - 13:27 | 4736582 Blankenstein
Blankenstein's picture

I just ate lunch ..... now I need some TUMS.

Wed, 05/07/2014 - 10:58 | 4735983 Itchy and Scratchy
Itchy and Scratchy's picture

She almost knows what she's talking about!

Wed, 05/07/2014 - 10:59 | 4735991 Toolshed
Toolshed's picture

I can't listen to anymore of her horseshit. The more she talks, the dumber she sounds. Clearly, academics should have no positions of authority or control in the real world.

Wed, 05/07/2014 - 11:00 | 4735996 the grateful un...
the grateful unemployed's picture

ms yellen, your report on the adverse econmic effects of weather does not square with the presidents report on climate change, will you be handing in your resignation soon?

Wed, 05/07/2014 - 11:04 | 4736013 medium giraffe
medium giraffe's picture

Fucking weather again?  Pleeeeeeeeeeeease change the fucking record...

Wed, 05/07/2014 - 11:03 | 4736015 Itchy and Scratchy
Itchy and Scratchy's picture

Her marginal propensity to double speaks exceeds the aggregate supply of her bull shit!

Wed, 05/07/2014 - 11:16 | 4736076 the grateful un...
the grateful unemployed's picture

did she just give delaney an opening on income inequality and spending growth (she said that income inequality was not affecting spending growth? and that they would have to rethink their balance sheet growth if spending declined? does spending and credit growth mean anything here?)

Wed, 05/07/2014 - 11:17 | 4736082 Broker NotBroke
Broker NotBroke's picture

So...she really can't tell there's an asset bubble with any certainty? 

Wed, 05/07/2014 - 11:18 | 4736089 kchrisc
kchrisc's picture

A scumbag thieving liar to testify in front of a group of scumbag thieving liars owned by the first.

I am sure that they will get to the bottom of it. LOL

Wed, 05/07/2014 - 11:20 | 4736098 Broker NotBroke
Broker NotBroke's picture

Sorry, double post.

Wed, 05/07/2014 - 11:19 | 4736099 Broker NotBroke
Broker NotBroke's picture

We pay them very well for their work. 

Wed, 05/07/2014 - 11:23 | 4736115 Broker NotBroke
Broker NotBroke's picture

Job numbers are up, labor force participaton is down! Good news!

Wed, 05/07/2014 - 11:24 | 4736116 the grateful un...
the grateful unemployed's picture

coats wants her to take over fiscal policy too, what an idiot, and to that end they're going to control community banks (which will destroy the noncorporate other than wall street economy further) the fed has no business in fiscal policy, and by constitutional mandate no legal control over money supply.

Wed, 05/07/2014 - 11:27 | 4736130 B.J. Worthy
B.J. Worthy's picture

Every sentence beginning with "So..." is a lie.

Wed, 05/07/2014 - 11:28 | 4736141 the grateful un...
the grateful unemployed's picture

yes but even cowgirls get the blues

Wed, 05/07/2014 - 11:31 | 4736157 the grateful un...
the grateful unemployed's picture

do we have a labor secretary?

Wed, 05/07/2014 - 11:36 | 4736194 bardot63
bardot63's picture

Was trying to listen to Yellen on tv as I work, but finally came to this live feed.  Everytime a question seemed anti  Fed/Obama/QE/Etc, or essentially embarrassing, the cable channels cut away for "breaking news" or commercial.  Mass media are such whores. 

Wed, 05/07/2014 - 11:41 | 4736213 the grateful un...
the grateful unemployed's picture

maximum employment is what we have now, its maxiumum there is no more, get it?

Wed, 05/07/2014 - 11:51 | 4736243 The Count
The Count's picture

 

How can a person talk so much, yet say so little?

 

 

Wed, 05/07/2014 - 12:16 | 4736308 spine001
spine001's picture

Yellen says that the Federal Reserve has a MANDATE from Congress to keep a 2% inflation rate!!!! That is absolutely not true! Their assumption that inflation is good for the economy despite the proof that they have in front of their eyes (inequality and its economic consequences -> Pketty's Capital) is a not supported by hard data, and any reputable scientist would not make it and take it for granted without a lot of validation and verification first. Most economists don't ever doubt their assumptions even in front of clear data that should suggest to them that they could be wrong. Unbelievable. It reminds me of the time before Medicine became a science, 50 years ago, where top medical scientists used to state and be a 100% certain that you didn't need a double blind randomized clinical trial to determine the benefit of a given treatment or drug. It took them to see major drugs fail miserably in those trials to accept their mistakes. Well economistis seem to be more than 50 years behind with regards to the scientific method, given that nobody is even considering doing trials to test their most basic assumptions, i.e. inflation of 2% is good.

Furthermore, it was shamefull to see how she didn't accept that ther own policies are responsible for the pronounced increase in inequality that has occurred in the last 5 years and she hid herself behind a long term trend, that eventhough true, it was sharply accelerated by QE's characteristic of bringing the money first to the top, rather than forcing the government to finance itself from the people and pay them market interest which would have immediately come back to the economy as demand side growth with the consequent effects on the supply side.

She furthermore ignored the increased difficulty (in the presence of inflation and QE type wealth effects) in creating and preserving capital for those non-financially proficient (usually the poor, but also dedicated doctors, engineers, mechanics, non-economic professors, etc.) vs. the financially proficient that can afford both the necessary education, access and top world financial minds and chrony/insider networks.

She at least acknowledged that it is possible that the decrease in the income in the bottom 99% vs. the top 1% could be responsible for the lack of growth in the economy. When it is obvious that it may be the main factor, mainly due to globalization and technological improvement, amplified and accelerated by QE and its triggered inequality.

She completely ignored references to true inflation (i.e. food) and stack with CPI.

All in all  nothiing surprising. They will keep on doing more of what it doesn't work. So for those trying to read the fed actions to game the fed, expect more of the same. More inequality, no real economic growth, but (regression to the mean) peaks that will look like it and more action from the fed, same as before(QE or keep interest rates low and guidance), to prevent the system from collapsing. The cycle will repeat, until it just doesn't.

In the medical world it took trials where hundreds died in the treatment arm versus the placebo arm for the hubris of the megalomaniacs that thought they knew the therapy worked before the trial was done to learn they were wrong. How many will die before the Fed recognizes that they were wrong in their unproven and untested assumptions and models?

Wed, 05/07/2014 - 12:27 | 4736384 dizzyfingers
dizzyfingers's picture

spine001

Common denominator bringing together the assumptions of "economists" and "medical scientists"... US government paychecks.

Any lie will serve the purpose.

 

Wed, 05/07/2014 - 14:08 | 4736779 tnquake
tnquake's picture

She's giving Congress a "Snow" job...

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