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Grillin' Yellen: "Humphrey-Hawkins" Testimony Day 2 - Live Feed
While this morning's prepared remarks will be the same hodge podge of three-armed economist-speak, we suspect the Q&A will be a little aggressive as Fed Chair Janet Yellen faces The House Financial Services Committee. Having told the markets that "valuations are somewhat higher than normal," and "heightened leverage and weak underwriting terms are close to levels preceding the financial crisis," we are sure the Congressmen (and women) will focus attention on financial stability concerns - as opposed to back-patting celebrations of how well The Fed has done.
Silver & Gold are outperforming since Yellen began yesterday's testimony with crude lower...
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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i almost feel sorry for her... (almost)
How much of the testimony is scripted to simply bounce gold up and down, while the insiders trade the pre-planned moves?
Look at the whipsaws in gold yesterday...
Live Gold: http://www.pmbull.com/gold-price/
Live Silver: http://www.pmbull.com/silver-price/
It finished up yesterday, after a headfake down. Watch them do it again today.
The question is, which direction? I don't have a clue.
christ. for a second there i thought i was watching a maude rerun...
I think we're under down-arrow attack in this thread.
Hey Janet!?!?!? Fuck You
Who's grillin' Yellen?
(obscure Daily Show reference)
you can borrow my bat and club her a few times - you'll feel better afterward
her hair stylist beat you to it
the tribe has the junk arrow on cruise control today
How much would you my fellow ZHer's pay for the following:
A.) Pay-per view to a locked door, Humphrey Hawkins Louisville Slugger free for all.
B.)Ring side seats complete with splatter poncho.
C.)Participate in the free for all complete with a commemorative Louisville slugger.
D.) 'BearJew' VIP Participant with your choice, Maxine Water (D) or Peter King (R), tee'd up on their knees.
E.) The Yellen Package.
i hope that was sarcasm. that fat bitch deserves a beating.
Humphrey-Hawkins, isn't that where the girls ask the boys to dance?
"Monetary Policy Reports are mandated by the Humphrey-Hawkins Full Employment Act of 1978, which required the Federal Reserve to formally report on its activities to Congress."
So, yes, the girls in Congress ask the real men at the Federal Reserve, like Janet Yellen, to dance.
(Sadie Hawkins, for those who can't figure out why the name sounds so familiar)
Sadie Hawkins
http://www.bing.com/images/search?q=sadie+hawkins&id=1EEF1E80DDE9BC693DDFA6C86477084B25EBC227&FORM=IQFRBA#view=detail&id=1EEF1E80DDE9BC693DDFA6C86477084B25EBC227&selectedIndex=0
I might almost feel sorry for her if she was roasting alive on a spit. Brown nosing Maxine Waters, not so much.
Dog & pony show.
They should make Mila Kunis the Fed chair. Her breeding would qualify her as a candidate. Not that anything would change much, but at least I might watch for the fap value.
Might as well drink your fill of eye candy while you still can because when Hillary starts stumping, its gonna be nothing but ugly stick city for a long long time.
if you had to choose between Janet or Hillary, it would indeed be a hard choice...
A difficult choice, maybe. 'Hard' isn't a word I would choose in this setting.
yesterday was play time, today yellen is going to get tenderized
FUCK YOU YELLEN
which wall st puppet....i mean politician tells mr yellen "to get to work"?
listen...he said inflation was right around the 2% that they expected. everything is awesome!
Until Mr yellen is strung upside down for crimes against humanity, the beatings will continue.
Someone should ask Janet Yellen is its a coincidence that the DOW has increased in correlation with the vast increase in the FED's balance sheet ??
The real question to ask is why this cunt and her organization exist in the first place. If she peddles some bullshit "stability" argument one need only counter with the absurd devaluation of the dollar this century and the shocks and panics that have been greater than any that preceded the FED. The idea that the world stops, starts and stutters on this banking cabals whims and the syntax of their statements is the most disgusting political development of the 20th Century.
Exactly right.
Someone should ask Janet Yellen why she is against an audit if the FED has nothing to hide ??
I actually found myself agreeing with her answer yesterday about this issue. First, they are audited and having a second or third will invite a fifith. Every other audit will be poltically toxic and will inevitably bring pressures to bear from Congress on the FED. Her point was that historically when this happens in the world, things go very badly because the central bank of that country is forced to print money by the elected fools. What follows after the economic mushroom cloud settles is hyperinflation and trips to the IMF and World Bank. Frankly, I think that the USA should avoid any more dealings wtih Paul Wolfowitz......a really toxic intellectual.
In short: they are audited and one should be able to buy a copy of the yearly publication from the Government printing office.
Yesterday there was an artcile in the Globe and Mail (one of two national print media outlets in Canada) which referred to BoC governor Poloz as being a "dove " and Yellen as being a "hawk".
It saddens me that people who don't know any better will read stuff like this and natually assume that the US is engaging in consevative monetary policy.
Someone should ask Janet Yellen if interest rates will EVER be normalized to 4-5% ??
If so what would the interest payments on the national debt be ???
Won't matter because the FED will buy a disproportionate amount of the debt. That 4-5% interest will be returned to the Treasury so somehow we'll come out ahead. And if you don't like trading in our devalued currency, get ready for WAR!!!
Someone should ask Janet Yellen why cant the FED raise rates now??
Seriously, what will change in the economy in the next few months to make any difference ??
http://3.bp.blogspot.com/_H2DePAZe2gA/S-mW5T8a2OI/AAAAAAAAMxI/KPNvsZp7E4...
I weep for our country every time I have to watch these people who supposedly represent the people, yet don't know that "independency" is not a fucking word.
The woman gives me no confidence whatsoever.
"So Ms.Debtfire, now that most of us here have made our money frontrunning the FED's policy, what are you going to do about ending ZIRP, and the over valued equity market...?"
has anyone else noticed EVERY TIME they change Fed Heads something Horrible Happens?
this time is different /s
Yellen always looks like she just walked off the set of The Hobbit
I'm not sure if the audio from the feed is correct but all I'm hearing so far is BLAH BLAH BLAH BLAH. Maybe she is speaking midget.
Why doesn't Yellen Recommend "Cutting Benefits and Powers" of Wall Street Banks that are not Lending Money for Capital Equipment and New Facilities, but are paying themselves higher compensation and Bonus money each year. Clearly they are sitting on Cash and sitting on High Profits.
Seriously if we don't have the info we can't make the decisions in Elections, In Government, In Banking, and In Economic Policy/Domestic Policy.
So let's pull out the Wall Street Bank Business Model. They never surrender a thing and tell us they are "Doing God's Work" ... so how does anyone Negotiate with Wall Street & Their Huge Lobby Force?????
Repost:
So after all the free shit the banks get through their Charter on Wall Street, JPMorgan is making NIRP for Depositors.
- How can anyone NOT BE Outraged by the Advantages they have had in the USA, Free Money, Access the Richest Consumers and more
- After 12 Years of Heavy Fiscal Spending not just on Defense,
- Heavy Monetary Policies after 2008 Global Financial Crisis, - Heavy Lending from FED,
- QE Infinity from FED,
- LIRP/ZIRP for FED
- TARP Bailouts for when they were bad little bankers
- TAPR Management Funding for their personal savings accounts
- Access to TARP Loans for their Personal Use
- No Penalty for Blowing up Global Finance
- Bonuses arrived on Time for the Wall Street Dirty Dozen
- Complete Support by VICHY DC
- Complete Access to MSM Cameras for Repeating Propaganda like "We are doing Gods work", and "There will be Martial Law in the Streets"
Plus don't forget, these are banks that can create money out of thin air in several known ways. They probably have several unknown ways as well. But they can create loan create based on deposits for fractional reserve lending. And we know they can buy Tranches of Discounted Assets and packaged them into AAA Rated Derivatives for marketing world wide based on the USA Reputation as a Financial Superpower
Question Authority. We need to print and Distribute the Business Model for Wall Street Banks.
I'm sure we would all want to see just how easy it is for Wall Street Banks given they have all the Tools, can manipulate Financial Ratings & Accounting Rules & Auditing, and since they have US CON-gress in their pocket with MSM.
So,... Who has got copies of JPMorgan Business Model??
No Sarcasm.
Janet Yellen looks "Weak" and we separate Weaklings from the Herd in THE USA. 6 Years of LIRP/ZIRP & QE Infinity & TARP Bailouts!!!!!
WTF!! Technically it is not a Recovery if you have 6 Years of LIRP Manipulation by the FED and the FED Buys up Toxic Assets. That is called Sheltering the Capitalist Fools so that they can CRASH the System Next Year.
How the fuck is giving more interest on the mountain of reserves parked at the Fed supposed to have ay meaningful effect on the funds rate?!
"We will keep warm by using a system of ice baths and cooling fans."
Question 1 :Janet if keeping rates at zero for 6 years hasn't worked yet, why should we thinks it will work in the future.
Question 2: is it possible that keeping rates at zero has sent the wrong message to corporate America. That it has led to more debt (stock buybacks), and pink slips (HP being just the latest) in the need to improve earnings per share.
Question 3: Who is your master?
Question 4 :Do you truly believe, that we believe that the people that own most of the US, through stock, land, and debt, would ever put a "professor" in charge of monetary policies?
Question 5 : Who does your hair?
Wow, what a bunch of giberish. An to think that this person and the "committee" is in control of the world. Prepare, we are on the very edge.
Jeez Ms. Waters just went off Message and is now talking about Living Wills.
WTF. Okay, Edit here. She is doing okay.
Living Wills are a real issue.
Good thing it isn't Sadie Hawkins day ..
OMG, buying municipal bonds? LOL
She never heard of Robots, computers and Automation?
She thinks wages would inflate when productivity goes up. What a doofus.
Good Question from Mr. Hurt on Community Banks, and Community Access to Capital for Businesses, Homes and Farmers.
Yellen says they just started on process to look at this, but have a process already too. They want to help banks understand the regs and that most don't apply to them. Fed wants examiners to help community banks understand and use examinations to educate and help get more capital to the small people.
"Regulators...mount up!"
Ugg, the Congressmen from PA blew it, he said Entitlements not... Welfare Transfer Payments dramatically Rising. Yes, Entitlements, but that was a Softball Question from Pennsylvania.
So as far as Janet is concerned yes there is some inequality, but mostly we have a demographics problem in long term labor participation rate.
How in the hell can the FED get the economy going? It couldn't even make one pencil...
http://www.econlib.org/library/Essays/rdPnclCover.html
still waiting for the "audit the fed" question
You must have just missed it. A Congressman separated her Regulatory Oversight from her Monetary Oversight with relation to Congressional Oversight. I think the Ladies and Gentleman are avoiding her on Monetary Policy to pin down the terrain surrounding other issues. Anyway they guy sort of never got wound up with Audit the Fed, but he mentioned it.
Now Mr. Duffy just went after her on Regulations and Operation Choke Point.
12:35 Mr. Mulveyney hit her on Audit the Fed in a Speech.
Having determinism in standards leads to "arbitrariness", but the power to arbitrarily decide what banks are or are not a SIFI won't be abused?!
Orwell would be proud.
No, she is doing okay. I like the way she handled those questions.
If I was to break up banks I would have to make an Arbitrary Line on what was a Monopoly or Oligopoly... in violation of Anti-Trust Act.
Friedman himself said that the central bank could be replaced with a computer. It's only function is to match the money supply with real output, which can be done by the numbers so long as a law such as Glass Stegall is protecting savers and ring fencing the economy's money capital.
This woman is another in the line of idiots who fancies herself the Chief Central Planner, and with Greenspan and Bernanke before her, in her wisdom, has decided to screw retirees, savers, students and the middle class for the good of the economy.
Not arbitrarily, mind you, but because she smart.
However, just to ask....what if savings rates are 5% in five years time? Then at least the retirees will get something for their savings? What is missing in my fantasy is the actual rate of inflation that it will take to push them to 5% savings rates? Does one rate cancel the other out? If you have 5% inflation and 5% paid for money market deposits, is this not a null sum game?
Lets make note of who is saying what because it's important to know once this market blows up and the fed is to blame:
-Almost every democrat that speaks is begging Yellen to keep the rates low and to "please don't take the punch bowl or life line away". Democrats are all for this fed easing and continuing propping this dog sht market up and allowing malinvestments to take place. Short sighted idiots. Yesterday Chuck Shumer took his entire time to beg Yellen not to raise rates. Democrats are turning a blind eye to make this economy appear as if it's going well.
Hey Larry Kudlow.....yeah you, the great "Free Market Capitalist".....and all you others that pretend to
be free market captialists.....YET >>> YET love what the Federal Reserve is doing...faking up interest rates at
EMERGENCY LEVELS...when there is no emergency, other that getting those Wall Street Bonuses ramped up..
You paint yourselves free marketers yet embrace central banking / CENTRAL PLANNING......Bull Shit!
You can toss all the research and charting out the window....ALL THAT MATTERS IS WHAT JANET SAYS...and that is the FOLLY of it all.
Simple question. Is the economy healthy enough to raise interest rates? Yes or no.
Outside of price discovery in a free market, as determined by the multi-millions of individuals and firms who participate in the capital markets, that question is unknowable. The notion that this witch and her coven know the answer to that question is worse than ridiculous, it is deranged.
I just want to watch her squirm.
As long as everyone acts like the Fed has the Power to fix the economy, inequality, wage levels, compensation, unemployment, labor participation rate... then US Congress won't do their Jobs.
Call it MSM "Gaslighting"
Sure the FED is a bunch of Economists & Bankers taught philosophy by the Rockefellers. They want wages low, lots of People applying for Jobs, Immigration High, Development Low, Low Capital Investment, and People Poor.
It is called Bait & Switch.
Actually the way I understood her answers from yesterdays testimony it is not the economy that they are concerned about. They are much more concerned that that the inflation rate refuses to reach their 2% target. Which is FED speak for saying that they have sleepless nights as they see deflation spreading like a virus around the world and they have no real way to stop it cold.
Should have called this the "Live SCREED" instead!
FED is led by hyper-socialist academics, will continue ZIRP until AFTER obola leaves office so that financial markets & economic impacts of rising rates will fall upon republican administration that most likely will succeed obola.
This plan was made by obola's team in collaboration with the FED leaders.
Therefore the FED will ALWAYS have excuses why FFR MUST remain at 0.25% - NOT 0.50%, not 1.0%, etc - it MUST remain 0.25%, ie almost ZERO.
Obola? Oh my gosh, that made me laugh. Have not heard that one till now. Obomination, yes but not this one. Too funny.
This is just Ben Bernanke with a wig and a failed sex-change op.
He's Ben to Transvestidad, Colorado, you know....
Paul Craig Roberts should have asked the Questions:
http://www.zerohedge.com/news/2015-02-22/paul-craig-roberts-cancer-finan...
He talks about the conversion of US Jobs into Overseas Jobs and turning us into 19th Century America.
Janet: What do you say in answer to this?