Alongside that other canard of global monetary machinations, Christine Lagarde (who oddly declared earlier that "the global economy will not return to 'pre-crisis' world" and asked if central banks need a 'financial stability goal' -mandating a market "put" of sorts); Fed head Janet Yellen will be addressing her peers at The IMF this morning. We expect a lot of "noise" comments, "lower for longer", "weather" excuses, and escape velocity is coming any minute as she desperately tries to keep the "don't worry, you will be ok without all our money printing" meme alive.
- *YELLEN: `WE HAVE MUCH TO LEARN' IN MACROPRUDENTIAL OVERSIGHT
- *YELLEN: POLICY MAKERS SHOULD COMMUNICATE CLEARLY ON STABILITY
- *YELLEN: POLICY AT TIMES MAY BE APPROPRIATE TO ADDRESS RISKS
- *YELLEN SAYS FINANCIAL STABILITY COMPLEMENTS FED'S DUAL MANDATE
- *YELLEN: MACROPRUDENTIAL RULES SHOULD BE MAIN STABILITY DEFENSE
- *YELLEN: STABILITY BEST PROMOTED BY MACROPRUDENTIAL OVERSIGHT
- *YELLEN 'MINDFUL' OF HOW LOW RATES CAN PROMPT 'REACH FOR YIELD'
- *YELLEN SAYS RATE POLICY SHOULDN'T CHANGE OVER STABILITY CONCERN
- *YELLEN SAYS RATES SHOULDN'T BE MAIN TOOL ENSURING STABILITY
IMF Live Feed...Yellen due to start at 11ET (if embed is not working use Bloomberg below)
Bloomberg Feed (click image for feed - no embed)
The world is continuing to change. Monetary policy, and central banking, will not go back to what they used to be once the crisis is finally behind us. This tumultuous period from which we are beginning to emerge has raised fundamental questions. It has pushed us outside of our comfort zone and forced us to learn.
Full Yellen Speech: