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Yellen Testifies In Congress - Live Webcast
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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Bernake "Grow a beard for credibility."
Yellen - Looks exactly like Larry Summers in drag...
...sounds exactly like Woody Allen's retarded sibling.
If only they'd drown in their own bullshit...
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?
can anyone estimate the size of the noose it will take to accomodate that haircut?
Aw crap, everything has gone to the dogs.
Yellen, Sebelius, White, LaGarde.. Feinstein , Hillary et al
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.
no shit, BITCH!!!
Klobucher was making me nuts. Somebody put a muzzle on that broad.
Mrs. Yellen, is gold money?
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
i use my matrix brand beelzebub reading glasses. 20/20 24/7 detail
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..
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.
"There ain't nuthin uglier than an old white woman." Fred Sanford, Sanford and Son
Could she talk any fucking slower and drawn out....???
The debt is swellin' The country's smellin'
Don't look now 'cause heeeeere's Yellen
Can't tell if I should read that in a Dr. Scholls voice or Willy Wonka.
pods
is that a trough of gravy next to her? at least bernanke only required a glass of water for his lying.
"who wants to watch the yellen puppet read from a sheet of paper?"
"bbbaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!"
"who wants a douche?"
"BBBAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!"
"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?"
What?
Can't she print the weather away?
How's that 'permanent high economic plateau' work then?
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!
"The gold price" falls by $2 or $3 every few seconds as the "investors" listen to their chief speak?
how interesting that gold is getting monkey hammered as this bitch opens her mouth?!!?
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...
What?.. gold over $1300 again?... must smash!
NWO stylez bitches
Could be worse, better yellen than being forced to look at abby joseph cohen the whole time
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?
Coincidence? I think not.
Nope. Dead ringer.
just tribal traits.
That ugly ass wart reminds me of this clip in "Uncle Buck"....
https://www.youtube.com/watch?v=xEt5dEOcW0I
If only Bartoromo would ask "Is this the Bottom?"
Soon as global warming kicks in, we should be just fine.
Wait, you're hooking me up to a Polygraph!!
*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/
Has a uglier woman ever held public office? She makes Merkel look like a beauty queen!
Well Janet Reno wasn't a looker.
pods
I agree with you pods. Forgot about Reno.
Shrillary can make your eyes bleed.
The Supreme Court orc Gingsburg.
https://upload.wikimedia.org/wikipedia/commons/thumb/1/17/Ruth_Bader_Gin...
No need to be racist, the Hutt are just different.
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.
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
Oh, to see her keel over ...... all would be good again, if only for a day.
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"
Seriously, is Yellin retarded? I'm being serious, does anyone know?
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.
God, can someone dial her saliva glands back? Can't understand a word. Her notes must be laminated. Drool mandate.
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."
This is all such a fucking joke. How is she not laughed off stage?
It's Dr. Evil with a wig....
https://www.youtube.com/watch?v=cKKHSAE1gIs
Economic Warfare 101
Undeclared war on YOU
Every answer begins with "So..." Annoying.
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.
Fuck this shit....dog and pony show.....why can't Putin just drop a bomb in this whole charade?
Wait.. she thinks those MBSs are going to mature before they default? What?
Fucking looney tunes.
That wig is sooo Janet Reno...
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?
by mistake I read the title as
Yellen terrifies in congress ;)Slip her into a litle school girl uniform ...and then maybeeeee ..........
She's got those "liver lips" that every toddler fears...
now come give aunt louise a big kiss now
I just ate lunch ..... now I need some TUMS.
She almost knows what she's talking about!
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.
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?
Fucking weather again? Pleeeeeeeeeeeease change the fucking record...
Her marginal propensity to double speaks exceeds the aggregate supply of her bull shit!
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?)
So...she really can't tell there's an asset bubble with any certainty?
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
Sorry, double post.
We pay them very well for their work.
Job numbers are up, labor force participaton is down! Good news!
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.
Every sentence beginning with "So..." is a lie.
yes but even cowgirls get the blues
do we have a labor secretary?
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.
maximum employment is what we have now, its maxiumum there is no more, get it?
How can a person talk so much, yet say so little?
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?
spine001
Common denominator bringing together the assumptions of "economists" and "medical scientists"... US government paychecks.
Any lie will serve the purpose.
http://www.showrealhist.com/RD_RJShomes_PSav.html
She's giving Congress a "Snow" job...
Audio/Video feed is blocked here!