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Janet Yellen's "Humphrey-Hawkins" Testimony: Warns Rate Hike "Possible At Any Meeting" - Live Feed
Fed Chair Yellen will be presenting her semi-annual monetary policy testimony - sometimes called the "Humphrey-Hawkins" testimony - today (Senate Banking Committee) and tomorrow (House Financial Services Committee). She is not expected to stray too far from the most recent FOMC statement's "On the one hand, there is recent strong labor market data; but on the other hand, the broader set of US activity data has not been as robust recently, and the inflation outlook has dimmed," uncertainty. The Q&A will of course contain the most fireworks (if last year's Yellen vs Warren deathmatch is anything to go by). Notably, The Fed will also release its semi-annual Monetary Policy Report (which last year contained the warning "valuation metrics in some sectors do appear substantially stretched.")
Policy...
- *YELLEN: `PATIENT' MEANS LIFTOFF UNLIKELY FOR COUPLE OF MEETINGS
- *YELLEN: GUIDANCE CHANGE TO MEAN LIFTOFF POSSIBLE AT ANY MEETING
- *YELLEN: FED WILL RAISE WHEN `REASONABLY CONFIDENT' ON INFLATION
- *YELLEN: FED WILL CHANGE FORWARD GUIDANCE BEFORE RAISING RATES
- *YELLEN SAYS FED WILL REDUCE BALANCE SHEET GRADUALLY
- *YELLEN: NEW GUIDANCE NOT NECESSARILY LIFTOFF IN COUPLE MEETINGS
- *YELLEN: BALANCE SHEET REDUCTION MAINLY VIA HALTING REINVESTMENT
Macro...
- *YELLEN SAYS GDP STRONG ENOUGH TO GRADUALLY LOWER JOBLESS RATE
- *YELLEN: LOWER OIL PRICES SIGNIFICANT NET PLUS FOR U.S. ECONOMY
- *YELLEN SAYS FOREIGN DEVELOPMENTS COULD POSE RISKS TO U.S.
- *YELLEN SAYS LOWER BOND YIELDS PARTLY REFLECT WEAKNESS OVERSEAS
- *YELLEN SAYS CHINA COULD SLOW MORE AND EURO AREA FACES RISKS
- *YELLEN SAYS RISKS FACING FOREIGN OUTLOOK NOT JUST ON DOWNSIDE
- *YELLEN SAYS INFLATION TO FALL FURTHER IN NEAR TERM
- *YELLEN SAYS IMPROVING JOBS AND FADING OIL IMPACT TO LIFT PRICES
Yellen is due to start her prepared remarks at 10ET...
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Here is the Feds' Master Plan - according to Deutsche bank...
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Yellen's prepared remarks below:
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stupid bitch
You should be thanking Yellen and the Fed for the strong USD and low interest rates which have helped the economy recover. Or are you just angry that gold you bought never got to $2000/oz?
The question is at what point in her testimony will they start the gold takedown. This is a short selling (paper) or buying (physical) opportunity.
Yeah!
But, I am diversifying my inventory.
I bet there is at least 1-2 more hammers.
Watch gold do its headfakes in real time:
Live Gold Chart: http://www.pmbull.com/gold-price/
Silver dumps, then catches a bid too:
Live Silver Chart: http://www.pmbull.com/silver-price/
I can't make sense of what's going on! LOL.
It's all a big joke.
time to go galt whether rich or poor. 15 million words in dodd bill.
yaaaaaaaaaaaaaaaaaa, no....
Raise rates???!!!
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!
I Triple Dog Dare Ya!!!!!!!
EVERYTHING IS AWESOME!
Your mommy is calling you.
People buy gold hoping it will go to $2000 an oz are buying it for the wrong reason.
Too true Doc.
This is the reason many Gold bulls a) didn't take any profits at $1800+ when it went semi-parabolic, and b) have continued to buy all the way down from $1900, and will continue to buy if it continues to go lower.
Gold is only there to make money if you're a trading it. If you're not, it's designed to be bought and held as a pure insurance policy. And if that's not needed during a lifetime, you can pass it on without anyone knowing. Guaranteed someone will need that insurance at some time...
And coin is best. The older the better, with in reason. It is a great time to buy!
How dare you imply my six percent annuity for life is at risk sir!
You're probably right in part. Yellen didn't put a broken system in place. That was there long before Yellen.
The Ben Bernank and Yellen have managed to avoid the bug (said flawed system) from hitting the windshield.. Of course said system continues to feed off its citizens like a parasite, but hey.. no financial armageddon (this year).
Would you have said the same on February 24, 2008?
Yes, and I did. Propping up flawed business models, business models which are intrinsically unstable, does absolutely no good and sends the market participants the wrong message, ie:, gamble with your customers savings in highly leveraged bets and we will bail you out if you fail.
How the hell are you going to run any (supposedly private sector) venture like that? Would things have been horrible if the banking industry failed? Yes. Probably. But you know what else? It would have been the right thing to do. People live and survive through horrible times and those who make it out the other side are stronger for it.
You know what I cannot abide? Institutions stealing my time, labor, and talent from me directly to feed upon. We are in the "death by 1000 cuts" stage now, watching the financial institutions envelop and swallow their own tails. No progress has been made despite bailing out these pinnacles of human evolution. Our politicians have sustained a system which benefits the wretched people at the top at the expense of the educated, honest and productive individuals within the middle class. Impressive, the ease with which they managed it, but it is absolutely atrocious.
And are the Banks not now paying for that "moral hazard" as enterprises who have weathered the gale (Apple for example) simply tap the debt markets in Europe and Japan instead of the USA?
"Patience" indeed...that's a trillion dollar business that has just been "outsourced."
Not like GE is heading back to sixty anytime soon...
if the economy had ever recovered I would be in full agreement with you. The recovery is nowhere to be found.
You mean "if the Banks had ever invested in the recovery."
Dem Banks be Po now...so dat Gooobermint too, you dig?
I understand SOMETHING had to be done in 2008.
"Because I'm richer than you"?
Not anymore you are ....
Thank the fed for what? For deciding winners and losers? For totally fucking up the free market price mechanism? For manipulating everything to get what it wants? For ZIRP that cheats people who save? For keeping housing prices elevated beyond the reach of a lot of people? For lining the pockets of the 1% who have a hand in this market because the money is free? For making bank hold cos out of investment houses so they're gambling will be covered by FDIC (aka taxpayer)? For bailing out banks bad bets? For buying up all the banks bad assets and making them the responsibility of the tax payer?
IDK what fucking world you live in but here in reality the Fed has done nothing but make the situation worse.
IDK what you've been snorting but it would appear to anyone with common sense that you have the entire situation ass backwards.
It's clear you hate the Fed and this hate is blinding you to the positives that a central bank brings to an economy. Central banking isn't perfect (I can see the merits and I actually agree with some of what you said) but if you think allowing banks to collapse and the economy to implode into a deflationary spiral is the better choice, then you are the delusional one.
You make quite an assumption that inflation can go to infinity. You realize that if that was the case (as a mathematical limit) the value of the currency goes to zero right?
Do you truly believe that inflation can be maintained on an indefinite timeline?
Edit: Or is this the same cop-out bullshit that I hear from my colleagues, which is basically to adhere to the "ostrich method", ie:, stick your head in the sand, keep the inflation going (and the good times rolling) and let another generation worry about that problem later?
Banks collapse? Let's give it a try. Same with deflationary spiral. At least it would be somewhat more honest if not for a few "moments". Time to throw out the baby with the bath water...
Decetralization scares TPTB. Any form!
Everyone is forgetting that the fed caused the need for a bailout in the FIRSTPLACE
This is an interesting theory.
"You always have Israel."
No pain, no gain. The economy has been stuck in a rut for 6 years now. Japan 2.0.
I don't hate the CB, I just dislike what it has undertaken beyond its original intention, and clearly it has stepped beyond the legal framework of its mandate. Whether it believes that it can because the ends justify the means is not debated, clearly it believes it's doing the right thing, however it is mistaken.
So I would ask you, what do you believe that the CB brings to the economy? Not to the financial markets but to the economy? What do you believe that it can do so well that we can't trust the private sector?
The problem with the argument that without the CB the economy would have imploded is that the theory is never allowed to be tested. It's a theory that has no foundation for accuracy because as long as it's agreed that the solution is ever more of the same we'll never know what the consequences of not doing anything would have been.
By the same token however the consequences of what the CB did are ever present and visible today. By virtue of needing to intervene it created a huge TBTF banking system that continues to gamble with deposits with a taxpayer backstop, and further, the TBTF banks never suffered any consequences for their bad bets. Those just got socialized into the public sector, so in essence the TBTF banks never learned anything from what was done...at all. Now, that sounds a lot to me like deciding winners and losers, and the people of this country were made the losers with never a thought. The people of this country are always the ones to get stuck with the tab when something needs to be papered over or swept under the rug. As Hunsader said a while back, if corporations are people why are they never jailed?
The primary responsibility of the CB is the protection of the currency, not the debasement of the currency or as you call it inflation. No one ever died because of deflation but a lot of people died because of inflation. You've been conned into believing that in order to grow we need to perpetually debase our currency, and that is a fallacy.
Do I think banks should have collapsed because of their bad bets back in 08/09? Yep, sure do, and those people who had in excess of the insured FDIC amounts in their accounts would have lost, but those people knew what the risks were, they were in black and white at every teller in every bank. Propping up the banking system by any means, which the CB has clearly chosen as its primary objective, will not in the end avoid the collapse, it will just postpone the inevitable. But during this period of postponment we have to live with this 'new normal' of ZIRP (and NIRP) forever and markets that are fucked higher every day by the 'invisible hand' of the CB (or rather the New York Fed branch).
In the end all of this meddling is not real. None of this is honest economic growth. How in the world did saving big financial istitutions help with honest economic growth when the money spigot can no longer be turned off? How on earth will anyone ever learn anything if there are no consequences to the actions people take?
If the gains are all privatized and the losses are perpetually socialized then the system is dead, there are no consequences anymore.
The Fed is meaningless now in my view.
"Moral Hazard incarnate." They have failed to "get to work" (give my bloated beurau bots another trillion Federal Reserve!) because this is not possible for the Fed to do.
They work for the RECOVERY...not some liberal democrat who wants WAR WITH THE WORLD.
Of course if you want a one ship Navy for 250 billion...
FINE, NO PROBLEM!
Totally agree. End the Fed. In the meantime, figure out how to make as much money from the opportunities before us.
you sound like a excuse making victim. there is no short cut to hard work, and you must make the most of whatever you have small or large. Do well with little and you will have more. advance yourself without depending on others to do this for you.
The grass on the other side may appear greener, nevertheless, water your own lawn.
Not to worried about gold "price", but what recovery are you talking about? And, as far as low interest rates are concerned, I really must thank the Fed for that whopping $12 to 15k per annum on our savings versus the $100 to 150k we recieved in previous years...
I think I just saw shit come out of her mouth.
I smell a dead carp or Mr Yellin needs to cross her legs.
Is the feed slow or is she drunk or is she retarded or did she have a lobotomy? Seriously.
I really feel that I should listen to what she's saying but her voice is so damned irritating I can't bring myself to.
DavidC
She's one helluva looker though.
she (and the fed) get alot of mileage out of the periodic rate-hike talk. this way they don't ever actually have to do it, but just insinuate it and get the same effects.
I suspect that currently they are keeping the rates low to protect other parties outside the US. At some point (soon) they will be forced to hike rates just to maintain (the illusion of) credibility, or else people will begin to call their bluff.
The Fed is kind of the guy sat at the poker table bluffing on every hand, regardless of cards. Everyone is sitting and biding their time until they can call them out on their bullshit and if they don't change up tactics soon, someone will get the itch to call.
Edit: To continue the analogy a little further- at this stage, QE 4 would be a massive over bet. It would rip the veneer off of the Fed's bullshit and expose the ugly reality beneath.
But ultimately, I just feel that they are backed into a corner. QE 4 would see huge volatility. Rate hikes would see huge volatility. Where do you go from there? Steer the course and try to talk a good game. Maybe make NIRP a little NIRPier. That's about it.
Otherwise, you blatantly lie, and misdirect away from an emergency policy (of monetizing debt) and hope that only a minority of the ~315x10^6 population notices their food prices rising 60% in cost year on year. If the population wakes up to that reality in a big way you are done, period.
"I suspect that currently they are keeping the rates low to protect other parties outside the US"
do you have any corroboration or evidence for that? and what "parties" would that be? some Primary Dealers? China?
until then, I will continue to note that the FED is the only central bank on earth that is truly "free" to set policy without having to look at what the other central banks are doing
No. The Eurozone and Japan which have substantially higher debt levels than the US, and are not particularly shielded from rising global rates. If you cannot see the necessity for the US political machine to maintain the sovereignty and power of their strategic allies on both sides of the Eurasian continent at a time when Russia and China are making a strong showing, then I do not really know what to say?
Of course I have no evidence of this and I'm not going to blow smoke up your ass and tell you that this is some kind of fact. It is merely a hunch, and as independent as the FED claims to be, we both know that power will meddle in anything when power is threatened.
Bro, I could understand Japan... no, actually I can't
If there was anything about those damn ZIRP FED rates on which practically the whole world (minus some PD megabanks) agreed was the call for "Please, Please, DO NOT". All the rest is the currency war we are experiencing
but kudos for claiming a hunch, I respect that and hunches in general
It's not as if Yellen and her criminal crew are going to embark on a program to raise rates to 5%. So in June they hike the thing 10 basis points. What a joke. Make 25 basis points. When things go downhill, they drop it 25 basis points. Seems they could do this until most of us are dead.
What are the effects of her jawboning? BTFATH? You would think that w/o her threat to raising rates the markets would have doubled by now?
Moar like a lying bitch, there is fresh data released that refutes every thing noted in the paper. All lies, all the time.
What a nice round head to create a novelty bowling ball out of!
Your fingers go into her eye sockets, and your thumb in her mouth! Order yours now from Clade7 Industries! Bag included!
Unfortunately, that brainless head probably weighs less than a pound. You'd be lucky to knock down the head pin.
So maybe Whiffle ball then? Thanks! I know theres a market out there someplace!
Yeah and she's an Uncles Monkey. Wait, what!?
Yellin to the world - "Bow down to a bitch that's greater than you."
Is her Strapon bigger than Merkels?
Her strap-in is Merkel.
you go girl...
Fuck you, Janet Yellen! Counterfeiting thief! http://endthefed.org/
Banzai7,
You should be drawn and quartered for putting that face on that body. :-)
<Can someone please explain the ladies with golf clubs in the back ground? Snow golf?>
The Ladies with golf clubs tee'd off in July? You know how they are, no sense of time and chit chatting the whole way...
Bwahahaha, "no rate hike in the next few meetings". More like no rate hike ever.
In other news, local meth addict, with open sores on face and missing teeth, will quit meth when conditions are right but not in the next couple days.
Could happen any time now.............any time...........
Ralph: Ira, when are you coming back?
Ira: Soon
Ralph: How soon?
Ira: Very soon
"Based on the continued robust economic recovery, a strong housing market, job growth and increasing inflation, we are announcing a rate hike of 1 basis point with a possible additional basis point increase by the next meeting"
i would rather pull my toenails out than listen to her disgusting guttural brooklyn/yid accent
So, uhh... blah blah blah,
Please, please, Apple, you can do it. Come up with a wrist device the sounds an audiable alarm when the wearer is telling a lie.
I'm sure they won't very from the script, but next time they should have a reversal as they don't read very well.
Yellen: Here is a list of all my weasel words.
this dumb cunt Diane Swonk, didn't she get owned by Schiff in 2008? she's baaa-aack!
Bullish. No rate hike, no recovery. Just keep buying the all time highs.
the fed needs to call an emergency meeting right now, aapl is red on the day, this not allowed.
i am sure it will be dealt with accordingly.
If you like platinum blondes, surely you'd go for Janet?
So bullish it hurts, BTFATH! Buy buy buy everything to outer space!
whatever
.... The munchkin that cried wolf, pass the fairy dust and buy the banks. BLAH BLA BLAH they willing make another killing in the higher rate envionment.
Typical academic. She thinks she is the worlds best mechanic but has never gotten her hands dirty by turning a wrench.
Mmmmmmmmm....... Reubens.
hard to find a good one (of anything) in DC, bet she has them flown in from Katz's
Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap, Crap,...AD NAUSEUM!!! What fucking language is this THING speaking?
Here's the real scoop:
https://www.youtube.com/watch?v=9jZiKFLL6MI
Which book is she reading again? Seriously, one can't help but marvel at how she can spill that amount of bull while keeping a straight face.
FED policy is simply the old "trickle down economics". Democrats were against it during the Reagan era. Now they embrace it and protect the FED. Totally amazing...the stupidity on display.
The sooner the better. The social impetance for inflation is instbility and lack of faith. That lack of faith has to be created by unreason, thus the rate hike must come without reasonable understandable factors.
Deutsch Bank ought to know.
They, along with BOE, JPM, UBS, SG, and (of course) GS, are the ones issuing Yellen's marching orders.
Wow, just look at the calming affect that women has on "the markets" I am tearing up... Long toilet paper.
Why not give her a Bloomberg while she testifies, so her comments can be adjusted for market reactions, e.g., "sorta patient" vs. "saint-like patience" ?
Stocks up - Look at my Oh! face!
Why does Yellen give me the feeling, every time I have to listen to her, I am listening to a little mental patient?
The Pigman
https://www.youtube.com/watch?v=GyNVRKIo1v4
Has anyone (perhaps other than Ron Paul), addressed a Fed Chairman - not on PCE deflators, Core CPI, food & energy, etc., but on the D-E-M-I-S-E of $$$PURCHASING POWER of the $USD...? Even over a brief period of say, from the year 2000 to today...?
That would seem to me to be one of, if not ~The~ issue of the day.
https://www.youtube.com/watch?v=hPLAuCDMvXQ
"And I will offer you a place in my pavilion, but I must stick close to the grace of $50B"
So far, my take on her testimony is she did change the Fed's language somewhat allowing for raising rates but then countered it also with language implying they may find raising interest rates any time this year difficult to accomplish.
so time to rotate out of US to Europe stock?
I'm just wondering if the algos will react the same way when she gives the same "testimony" tomorrow.
Deloitte Touche?! Hahahaa....did they help you shred anything?
NON-GAAP forever! What cooked books?
I'm going to count to three.
One.
Two.
Two and a half.
Two and three quarters.
Two and seven eighths.
Two and eight nineths.
I swear I'll say three! I'll do it at any second if you hedge funds and day traders don't start behaving. I'll do it! Two and ten elevenths. I'm serious this time!
If you like your transparency, you can keep your transparency.
And if you want more transparency and oversight of FED 'monetary policy' we'll hold the world hostage with economic tactical nukes.
Corruption is so endemic at this point and so much fraud and criminality exists at the highest level of government, banks and the private sector that everything must now be kept secret, behind closed doors. Imagine if they establishment held itself to the same standard:
'If you're not doing anything wrong, you've got nothing to hide."
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
-Henry Ford
She will be having a conference call with her masters at the major bankers afterwards to let her know what to do
Rates will be kept low incase of alien invasion.... will monitor accordingly
She can never raise rates. As soon as they do they push the hyperinflation button.
Currency manipulation by other countries is wrong and needs to be addressed? What a bunch of fucking hypocrites!
Nah; she just forgot to mention the exception; U.S..
Do they honestly believe the complete garbage hemorrhaging from all of their mouths?
Some probably do; remeber they are the exempt and the Elite; thay are better and smarter than we could ever hope to be and the proof is they are voted in by the minority because the majority gave up hope long ago.
Indeed Utah...'Humphrey Hawkins' sounds like some sort of deep respiratory ailment, the kind of thick green lung butter you cough up in the shower that says, 'this is not good'...oh sure, you are glad you coughed it up, but distressed by its prescence in the first place...
Haha is does sound like a respiratory ailment! If we can't laugh about this insanity every now and then we'd all lose our minds..
the Dr. Ruth of finance. Had to turn it off after 15 sec.
"The Fed don't need no stinking rules"! Ding Ding Ding, there you go. Now that is 100% Transparent, Bitchez.
Schumer; adding politics outwardly & openly. The very reason the FED's real auditing can never take place. CUSIPS...LOL; only the FED.
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Dog and Wolf show; not even good entertainment value...Lie 1 & Lie 2..Yellen is a smellen like my Shumer.
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Much to do about nothing and Schumer wants "higher minimum wages" to kill more jobs; if that is possible.
"Much to do about nothing and Schumer wants "higher minimum wages" to kill more jobs; if that is possible."
I take it then that you'd advocate lowering American wages to parallel those handed out in Mumbai, Calcutta, Dakkah and the prison house crowds making Apple products in China? Not sure that the average wage earner in the States would be so willing to give a big shout out of "workers of the world unite"...etc.
"Fed is not like your ordinary bank"...no sheet, mon? Wind down? No way! Raise rates? Never.
What a farce.
Question" Ms. Yellen, how can anyone save money when you have ZIRP and why can't you raise the interest rates now so our people can save and have that money grow?
Answer: Because the whole damn thing implodes the day we raise interest rates.
Question: Why?
Answer: Can you restate the question?
The Fed painted them selves into a corner and they know it. They are stuck and trying to soft talk their way out of it.
The Banking Cabal and the Political Elite working together for you and for me; NOT!!
-Priceless!!
Putin on the Ritz •
I just made 80,000 dollars working from home...
- Janet Yellen
WHY are we listening to this? Please answer the question and keep it short...thank you.
If you think I am going to answer a "Hostile" quesion you risk being held in contempt of the "Recovery".
There is more pain associated with pulling a stuck band aid off a wound GENTLY. It is far more effective to yank it off quickly - less pain. The Federal Reserve System is a stuck band aid - less pain if it is yanked off quickly regardless of what chaos might ensue. Buffett has said more than once , " when the tide goes out , we'll see who is swimming naked." I think it is time to see who is swimming naked. So many words in this testimony - many of them sesquipedalian - to BULLSHIT the public. It's absurd that these malevolent people control our lives to the extent they do.
Its sort of mesmerizing Croc,...like listening to the ramblings of a retard while locked in a shipping container with them, as they are playing with a hand grenade...'15 minutes to Wapner' kind of deal...all the while trying to gently trade said retard a poptart or kleenex for them to hand over the grenade...you sort of know your fucked, the retard holds your Life in their hands and doesnt know it! But the humor in the impending tragedy and the dialog regarding the negotiations is really something!
Why do politicians ask such stupid fucking questions?
I have always had the same question in my mind whenever I tune in to listen to these testimonies. With Greenspan it didn't matter how intelligent or asinine the question was: NO ONE could understand his answers. With Bernanke the questions were even more stupid but he was very patient and gave full if not somewhat pedantic answers. Yellen got silly questions but she seemed to choose pretty mild language in answering them. Frankly, over the years these meetings have peaked out as theater that the average American has no direct connection to. They don't sit at home or work and watch these.
I did enjoy one surprise. She kept holding up the rather large audit of the FED, something I didn't even know existed. Even after saying that the FED has been and continues to be audited and that it publishes daily CUSIP data on their holdings, people keep on pounding the table to have the FED audited. Sounds like these voices are taking too much interest in their drugs of choice.
Over all, it was a tepid affair. Steady as she goes and we'll see how things pan out. Much as I would have expected her to say.
Question: Ms. Yellen, Mr Fisher published a report on your sight that the .01% have profited greatly since 2009 while the bottom 50% have suffered greatly; what are your plans going forward to increase that trend?
Answer: we plan to do nothing as the current plan is working quite well and if we find opportunities to accelerate this, then we will certainly consider implementing any new opportunities.
Yuck Fellen.
There is no check and balance for the Fed, unlike other agencies. No portfolio manager or hedge fund has the ability or power to make monetary decision because it is a major conflict of interests. So should the fed too, when they have 4.5 trillion of bond portfolio in their book. Yellen is disingenious when she said the Fed will work toward shrinking the balance sheet when the Fed is re-investing maturing bond into new one, thus maintaining the balance sheet
you mean like the FBI, BATFE, CIA,NSA?
well color me surprised..if they have done no harm if they have best of intentions, what is to fear?
they say control I say nah audits do not control they shine light on dark corners.
Can't you see? It's transparent!!
The Fed will remain patient until one day they can claim they saw something coming, anything……
Agents are standing by on train tracks now.
The Chief Central Planner reports to the Supreme Soviet today and the Politburo tomorrow on the health of the Skittle-shitting Unicorn.
Saver? Retiree? Student? Honest banker? "Taste the rainbow!..." (IOW, keep bending over, hold still and shut up.)
Move in with SWAT teams, navy seals and paramilitary troops and arrest them. Haul their asses to prison for treason.
The translation of Yellen's Congressional testimony is that the Federal Reserve's policy -- i.e., the big banks' policy -- of stagflation wil continue until any remaining money from the middle class and the poor is transferred to the super rich.
Face it: The only purpose of quantitative easing is theft. It's a virtually invisible form of theft, but it's theft nevertheless. When quantitative easing is coupled with the two other destructive tools from the banks -- high-frequency trading and dark pools -- the theft is taken to new heights.
The only mission of the banks is to steal silently by skimming in the markets, as well as through banking fees, drug money laundering, and war financing.
The banksters are able to steal with impunity because they buy and install the politicians who will refrain from prosecuting them.
Abolish the banks.
Guillotine the Fed. Audit the heads.
The banksters need to repay us.
Perhaps maybe anytime soon it has something to do with JP Morgan going NIRP?
Who knows? Not me, not you maybe possibly Yellen. Probably not now, but maybe on the next meeting?
I do assume noone ever never thought about the consequences NIRP would have on deposits. I mean...exactly how many withdrawals do the banking system support before its underwater? Oh no, I never said that, Im not the terrorist!
Raise Rates? Oh, girl, you passed that exit a loooong time ago and your car doesn't have a reverse gear nor can it turn around......
Price discovery is dead and she doesn't have a fucking clue what she's talking about.
END THE MACHINATIONS OF THE FUCKING FED!!
That would take and act of Congress.....hehehe
Silver Bitchezzz!!
or
Fiat in my local bank at .625% interest
Calgon take me AWAY!!!!
Which will we see first:
The rate hike ushers in the Second Coming!!
When Jesus saves, he likes a fair rate of interest.