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Goldman's Yellen Press Conference Post-Mortem: "Few Surprises"
Via Goldman Sachs' Jan Hatzius,
BOTTOM LINE: There were few surprises from Fed Chair Yellen's post-FOMC press conference.
MAIN POINTS:
1. Yellen made two slightly dovish remarks on labor market developments. First, she stated directly that she felt the slow increase in wages was indicative of labor market slack. Second, she said that her own personal view was that there was a "meaningful" cyclical shortfall in participation, when asked about a recent paper by some Fed authors indicating otherwise.
2. On the topic of "considerable time," Yellen declined to provide any specificity on what the phrase means with regard to calendar duration, and instead noted that the guidance should not be viewed as calendar-based or mechanical in nature. She stated that in her personal view, it was not "completely clear" that there was a gap between market pricing and participants' projections for the fed funds rate apparent in the SEP. For example, the discrepancy could be due to the difference between modal forecasts (reflected in the SEP) and average expectations (reflected in market pricing).
3. Yellen also took the opportunity to downplay the move up in the SEP dots, stating that she "would describe the change in the projections as quite modest."
4. Finally, she stated that two dissents was not an "abnormally large number," suggesting that she is not particularly uncomfortable with the current degree of dissention on the Committee.
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See this
http://patrick.net/forum/?p=1249517
Yellen LOL.
Did that fucking CNBC shill Liesman ask a ?. That bald headed little cocksucker, still swilling Bernanke jizz? Fuck you Liesman
The retired sheep get screwed again and the banks get rich - thanks Janet
Yep, same shit. Rates are going up. We're still tapering.
Oh, and my cock grew to sixteen inches overnight.
Its almost comical that anybody still believes that Janet Yellen is the most powerful person on the planet, and she makes the call on anything.
The words of this one central planner can tank the entire world economy overnight. Because the words are so powerful in effect, every voice inflection and facial expression must also be analyzed.
It is a sad state of affairs that puts us all in the hands of the genius (or stupidity) of an elite ruling class that believes in economic alchemy.
So...she basically said nothing.
was she blinking in morse "S&P 2500"?
Ha! that's going to be the next trick isn't it? Body language experts giving us their take on the situation. Greeks had an easier time figuring out the mumbo jumbo from the oracle at Delphi I bet.
"We shall raise rates on the thirteenth month when the cock crows thrice during a full moon at noon! or sooner...maybe"
Shoot them all.
Take away all Central Bank charters.
All nations go back to creating their own interest-free currency.
Throw the bankers/hedge fund managers into a Court of REAL law.
Take it all back. And confiscate the illegal profits. (talk about a welfare state...just look at CEO's and Wall Street. Look at politicians graduating into cushy jobs...look and look and look . This is WELFARE plain and simple for those who do very little but scam/buy and bribe. Fuck this.
5. Yellen declined to answer why FOMC economic projections are so off the mark ... and why, if they are so bad, should FOMC statements on any topic hold weight?
Well...there's also this.
House approves Ron Paul’s ‘Audit the Fed’ billhttp://www.washingtontimes.com/news/2014/sep/17/house-approved-ron-pauls-audit-fed-bill/
Of course the scumbags in the Senate will fight this to the death....but it's still pretty cool that this will force Harry Reid to deal with it once again.
Call your respective scumbag senator's and blast them about this to force Harry Reid to bring it to the floor...maybe they just might cave in.
I mean, if obama's chief advisor says openly in the New York Slimes that it's time to end the dollar then maybe there's some leverage there to END THE FED finally!!!
Congratulations again to Ron Paul!!!
http://www.zerohedge.com/news/2014-09-08/obamas-former-chief-economist-calls-end-us-dollar-reserve-status
Former Rep. Ron Paul’s push to audit the Federal Reserve got another boost Wednesday when the House passed the bill for the second time in three years, and by a bigger margin than before.
The bill, now sponsored by Rep. Paul Broun, Georgia Republican, was approved on a 333-92 vote, with all but one Republican and 106 Democrats in favor of it. That’s a major jump from last time, when a majority of Democrats voted against it.
Still, despite the overwhelming support, the law is likely to die. Senate Majority Leader Harry Reid, who had previously indicated support for such an audit, reversed himself in 2012 and said he wouldn’t let the bill come to to the Senate floor.
Mr. Paul, a long-time congressman who twice ran for the GOP’s presidential nomination, made auditing the Fed one of his chief campaign issues, and it regularly drew loud applause from his followers.
The bill would order the nonpartisan Government Accountability Office to review the Fed’s decision-making — particularly on monetary policy.
Congress established the Federal Reserve a century ago. The system, which consists of a board of governors and 12 regional banks, acts as lenders of last resort to the country’s banking system, and is charged both with fighting inflation and promoting economic growth and employment.
The democratic senate will knock it down again. Got to keep mark to fantasy accounting going.
All the Fed's off-balance sheet debts might get people mad. Of the $4 trillion there is a lot more off balance sheet debt.
What about all that gold leased out?
sickening, really
The cherry on top of the whipped cream for me was when she attributed the historically low labor force participation rate to "demographics" when the old people she is screwing over are still having to work and are losing money daily because of her and the FED's immoral and unethical rape of the citizenry.
End the FED!!!
Hang 'em High!!!
the participation rate had been dropping for years, but fell off the table during/following recession.
Mostly due to demographics?
utter nonsense
Structural 2/3 of drop
Yeah life as a Walmart greeter is some bonus after working, saving, being continually raped. I look forward to stocking shelves until I am 90.
Curtis Mayfield - Pusherman
http://www.youtube.com/watch?v=hCDAfa-NI-M (5:05)
I hope everyone knows that the "die was cast" for where we are today by many others in earlier times. Things have a way of building on themselves over time. Were any of you "know it all's" raising hell in a productive way about the problems we would see .....20 years ago??? So give our leaders a break. They are doing the best they can with a tough situation.
Still. We all know it will end badly. Just have a little grace about the whole thing! Please.
glad you sleep soundly knowing not a soul who worked on wall street (outside of few hedgies) got prosecuted ... let alone indicted.
>>They are doing the best they can to enrich themselves while putting average Americans in a tough situation.
You're welcome for the fix.
"Leaders" my ass... Try "elite rulers"... and no, they can go fuck themselves.
Yellen, Bernanke and the staff of Goldman....along with Obama's cronies are going to spent a "Considerable Time in HELL!
The market "gave up a majority of its gains" simply because options expire Friday. Had to screw over those holding calls. Next week should see a skyrocket with end of the quarter, iThingy launching, Alibaba, and Yellen giving the green light through the end of the year. It's ridiculous, but it is what it is
"Tel Aviv has ordered me to Kill the Dollar."
"You are Cattle to us, and the Time for Slaughter is Near."
yellen works for barry
other fed board members works for banks
and the battle continues
Amazing how Janet Yellen can continue to lie and get away with it. But hey shes a woman so the media wont call her out on her lies.
Expect qe4 in 2015 !
Rocky theme song
http://www.youtube.com/watch?v=DhlPAj38rHc (4:50)
Dollar almost at 85. Not a peep from anyone as to why.
I do not believe the hype. I think the taper/tighten plan is still on and that Janet Yellen will continue to say one thing while doing another. No matter what her course of action, I never expect her to say anything that will provoke a stock market sell off, ever.
They need to do something to strengthen the dollar; that's non-negotiable now; but in the topsy-turvy world of Abenomics (Japan) and NIRP (Europe), "strengthening" just means "not weakening as fast as everything else." That explains the behavior of the dollar index.
ZH bears always angry at the Fed Bank. I can almost hear the millions of angry investors now, “Goddamn those Fed bankers, the Fed has pushed the stock market way too high; my 401K is soaring, damn them!” “Those idiots at the Fed pushed interest rates to near zero, now I have to pay almost no interest on my loans, those jerks!”
Get real, millions worship the Fed goddess and Wall Street grovels at her feet. A few words from her can cause TRILLIONS of $$ to move in seconds. You cannot fight this euphoria. ONLY when the masses see the Fed is unable to push the markets higher by enabling yet more buybacks, more loose credit for consumers, stimulus and bailouts, will faith in Fed end, and then it will be very ugly for the bulls. That could be many years as they have limitless printing ability and can do QE 125 if need be, and they may have to. Embrace the “New Normal” and profit by it.