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Yellen Opening Remarks At Fed Conference — Live Feed
Fed Chair and master of the financial universe Janet Yellen will give the opening remarks at the Fed’s Community Development Research Conference today. Last Friday, Yellen spoke about the “New Normal for Monetary Policy” at a SF Fed lunch, a talk Goldman calls “dovish at the margin,” and which moved markets 15 minutes prior to the close. Yellen will now try her hand at setting the tone ahead of the bell on the last trading day of the week for US equities.
Live feed and conference agenda are below.
Broadcast live streaming video on Ustream
Full remarks:
Chair Janet L. Yellen
At the "Economic Mobility: Research and Ideas on Strengthening Families, Communities, and the Economy," a community development research conference sponsored by the Federal Reserve System, Washington, D.C.
April 2, 2015
Opening Remarks
It is my pleasure to welcome you to the Federal Reserve System's community development research conference, which this year focuses on economic mobility. I would like to commend the organizers for their foresight in choosing a topic that has risen to the top of the global agenda. According to a recent Pew Research Center survey, the gap between rich and poor now ranks as a major concern in the minds of citizens around the world. In advanced economies still feeling the effects of the Great Recession, people worry that children will grow up to be worse off financially than their parents were. In the United States, roughly 80 percent of Americans across the ideological spectrum see inequality as a moderately big or very big problem.
Economic inequality has long been of interest within the Federal Reserve System. In 2007, Chairman Bernanke delivered a speech on the causes of rising inequality that raised questions about the implications of this disturbing trend for economic opportunity?-the topic that will be explored at this conference today and tomorrow.2 Chairman Bernanke's speech called for more research to understand the causes and the effects of widening inequality in the United States. Last October, I drew on the Fed's Survey of Consumer Finances--a rich source of data for researchers in this field--to explore some factors that may influence economic mobility, such as access to quality education and ownership of a family business, and I discussed how those factors may have changed over time.3 But I noted the difficulty of reaching definitive conclusions and, like Chairman Bernanke, expressed my hope that more research would be dedicated to finding answers to these important questions.
I hope that the work that has been gathered and will be presented and discussed at this conference--as well as the research it may inspire--will further this worthy goal. In carrying out its responsibilities, the Federal Reserve serves the public in a number of different ways, and I believe an important contribution comes via the Fed's role as a research institution. Separate from the work that directly supports the Fed's decisions on monetary policy and financial oversight, Fed economists and other researchers in Washington and at each of the 12 Reserve Banks are engaged in a broad array of independent academic research aimed at adding to the general knowledge and understanding of the economy.
Each year, Fed staff members publish hundreds of papers and others forms of research, sometimes in collaboration with scholars from universities and other institutions, all of it available for use by the research community and on view to the public. Conferences play an integral role in promoting the Federal Reserve's research mission as well. This biennial community development research conference, organized by community development officials from across the Federal Reserve System, serves to encourage high-quality research and also helps bridge the gap between community development research, policy, and practice.
In my brief remarks, I would like to mention a few aspects of economic mobility that I think are particularly important and worthy of further research, with the hope of stimulating the conversation that will take place here over the next couple of days. This conference will explore economic mobility as it is influenced by or affects families, communities, and the economy, so let me touch on each of those three facets.
We know that families are the locus of both opportunities and barriers to economic mobility. There are important research questions to be tackled here. What individual or family characteristics may predict who will achieve upward mobility? How much does someone's initial circumstances in life influence how far that person can get or how hard he or she needs to work to get there? Researchers and policymakers need a better understanding of how much mobility individuals may experience over the course of their lives and at what age people's outcomes may become more difficult to change.
Families are the source of many of the resources and experiences that influence economic mobility, and more research can help us understand to what extent and in which ways differences in the economic circumstances of families affect the upward mobility and economic security of offspring. Research may be able to provide evidence on which public policies are most helpful in building an economy in which people are poised to get ahead. Conversely, it would also be beneficial to understand whether any policies may hold people back or discourage upward mobility.
There is some debate on how the level of economic mobility in the United States may have changed in recent decades and whether it is easier or more difficult for people to get ahead today than it was in previous generations. Shortly, you will hear from a panel of distinguished experts with a range of views on this topic. Looking at the very recent past, we should also be asking whether and how this may have changed coming out of the Great Recession. Later, my Federal Reserve Board colleague, Governor Brainard, will speak on a topic of significant interest to me and I expect to many others--how young adults are faring in the economy and what the short- and long-term implications may have been for entering the job market at a time of significantly constrained opportunities. This is another example of how exogenous factors--those over which individuals have little or no control--may play an important role in determining how easily someone is able to improve his or her circumstances.
Communities also affect economic mobility, and here, too, more research is needed to understand how and to what extent these effects occur. Economists do not fully understand how locational differences affect economic mobility or the complex relationship between economic mobility and geographic mobility. There are community characteristics--for instance, the composition and level of local employment, schools, transportation, physical infrastructure, and community facilities--that may affect the economic mobility of the residents of that community. And there is also a community development analogue to economic mobility: Further research may help us better understand why some communities succeed or fail in generating jobs, developing successful small businesses, attracting infrastructure investment, and so on. How do some places advance economically and create circumstances in which residents, in turn, are more likely to thrive?
Finally, there are important research questions to be answered about the relationship between economic mobility and the economy as a whole. It seems obvious that greater economic opportunity and mobility promotes a healthier economy. Entrepreneurship, innovation, and hard work--surely key contributors to individual mobility--are central to a strong economy as well. But research could help us better understand how much mobility at the individual level matters for overall growth in productivity and economic output. To what extent is income mobility influenced by domestic or global economic forces, and to what extent can we promote mobility through domestic policy choices?
These are among the questions that will be discussed and debated at this conference. You have a terrific lineup of speakers, and I think it is going to be a fascinating and informative two days. Thank you again to the many people at the Federal Reserve Bank of St. Louis, the Federal Reserve Board, and from across the System who have put this conference together. And thanks to all of you for coming here to be a part of it.
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GET TO WORK MR YELLEN! THESE FUTURES AINT GONNA BUY THEMSELVES.....
They left Fischer behind the curtain standing by on the buy button.
They flash the applause light for Mr Yellen and he presses the button.
Vaudeville theater for the goyim cattle.
I cannot see any clothes on all the guys in the room. Can you?
blah blah blah blah blah patience blah blah blah blah blah unemployment blah blah mandate blah blah blah
Trader 1: So what does it mean?
Trader 2: No idea.
Algo: https://www.youtube.com/watch?v=ecPeSmF_ikc
Moar like yap yap yap yap yap yap yap yap yap yap yap yap yap...
It's simple. You don't understand the language.
Next time, buy a Yiddish to English dictionary before listening.
The term 'barbarian' was couned in the Latin vulgate, I believe. The Romans would go to foriegn lands (conquoring, and for other purposes), and they didn't speak the language. They would joke that when the beople spoke, all they heard was 'Bar-bar-bar...'; hence, 'BarBarians'.
Yiddish and Fedspeak are very similar languages.
Wealthy bankers draining all the life out of the country and Yellen wants more research into families? What a pile of excrement she is.
If I met Janet Yellen at a party I'd rest my beer on top of her head. I really would.
i see what you did there rebel....all caps cause she's yellen.....
The fact that they continue to be flumaxed regarding wealth inequality and need more time to study the issue tells you that it's only going to get worse considering that they are at the root of it and that they are a looki g at it not as how to find a solution but how they can plausibly pin it on some other source. These fucking people are evil.
And coffee is spurted across my desk. Thanks.
Now we get to deal with this nonsense too. I shall explain what happens next. Stocks up. Gold down. Anything less is as humilating as what actually comes out of her mouth.
Two times in a few days the dip was followed by a level trading band. Smaller ramps to lower highs are then followed by lower lows. This is different. No where else in the last few years have I seen this. Watch today because it could be more exciting than most. BTFD seems to be dying. Time will tell.
You are all welcome. And if I were you, I'd make the mental leap to realizing the numbers you see on the screen mean absolutely nothing. The USD has been dumping vs the Ruble and the Yuan all year. You wil be fn destroyed if you own no physical gold.
the bankers have had a tremendous laugh at our expense. look at this stupid bitch talk. i still cant believe anyone pays any attention to what this fat cow says.
I'm really starting to enjoy the sound of Jewish people speaking. And their breath smells like dollar bills. Exhilarating...
"Economic inequality has long been of interest within the Federal Reserve System"
Yes, since it's the job of the fed to make sure the wealth of the nation is transferred upwards from the proles to the elites.
It should read:
"Creating economic inequality has long been of interest within the Federal Reserve System"
That would work. It's not like they haven't been in our face about any of the other shit they've pulled. 99% of the people aren't paying atten.......... Squirrel!
Had to plus one the squirrel line. Too funny and too true.
An even larger QE4 late this year.
Debt keeps climbing.
Economy is on life support by the Fed's printing.
Let's see what country dies first, Japan or Euroland.
I would expect to see nuclear exchanges before a collapse unless they are all in on it of course.
"Economic inequality has long been of interest within the Federal Reserve System. In 2007, Chairman Bernanke delivered a speech on the causes of rising inequality that raised questions about the implications of this disturbing trend for economic opportunity?-the topic that will be explored at this conference today and tomorrow. Chairman Bernanke's speech called for more research to understand the causes and the effects of widening inequality in the United States."
Now I get it. The last 7 years have been "research."
No need for research.
Cause - Federal Reserve Criminal Cartel.
Effect - Destroy the Middle Class.
The opening comments shown above have missed off the word 'So...' at the beginning of every sentence.
DavidC
Yea, what's with that "so"? I hear it more and more in daily conversations. It seemed to pop up on the landscape in just recent years.
When people are lying, they use words like "So" to give time for the brain to construct the lie.
...and in other news, while you were sleeping, an Executive Order has been signed to confiscate cryptocurrencies "without prior notice": http://cointelegraph.com/news/113850/us-presidential-order-allows-the-st...
How they'll do that is still beyond me, but if they're boasting that they can, I wouldn't bet against 'em.
"Net Neutrality" fallout? Capital controls on PMs is next. Fuck this gay Earth.
Jrev, thanks for the link,.
Hmmm, "All your Bitcoins are mine....."
BARACK's middle name is Locutus.
https://www.youtube.com/watch?v=ItHcsIHshhs
Calling fonystar, calling fonystar.
I own PMs. I own crypto. I've got friends who've been robbed of both in large amounts.
If you've ever bought gold or silver online, (as most PM investors in the 21st Century have) you're equally as fucked as your digitally-minded counterparts, "boating accident" or not. Perhaps moreso, given that KYC laws don't apply to cryptocurrencies.
Moral of the story: Lose the dogma and diversify. Be, as Bruce Lee once said, "like water," lest your inflexibility be your demise.
Yep - the yellen blabbing nothing so the MSM can follow her around like mindless knats and try to add meaning to her nothingness.
The Fed is a market maker - no different than Carl Icahn tweeting to talk his book.
the yellen is a fraud. the Fed is a fraud. neither have a mandate nor allow price discovery.
"The tuna press is open for business boys".
Vomit sounds erupted from the chamber.
Economic inequality has long been of interest within the Federal Reserve System.
No shit, that's the whole point of the FRS, to empower and enrich a select few at the expense of the ordinary citizen.
Abolish the fed. Return to the Gold standard.
Abolish the middleman.
I want to borrow money at .25% too!!!
Go Iceland.
"mumble, mumble...we have successfully robbed savers and pensioners for almost 7 years and through a process of elfin magic and big confusing words like ZIRP and QE and have transferred hundreds of billions of dollars to corporate america and the governments who have been able to borrow at insanely low rates subsidized by little people trying to save to get ahead. In this way, we really focus on wealth inequality and encourage, ehance and exacerbate it to the nth degree. Now, which one of you nice corporations is going to offer an nice little old lady a fat paycheck?"
I'll get you, my pretty, and your little dog, too.
Why does the middle class have to pay these "academics" that produce these "studies and reports", whose outcome is both obvious and intuitive? They appear in the upper 20% and worship themselves?
------
The good news is the middle-class will be extinct and therefore no longer funding such a waste. Man and his own accolades; that is what is important to them...they could care less about any "upward mobility" other than their own.
-
I love Jesus Christ and they do not; one has it all and the other has an empty void they try to fill with foreign materials that can never satisfy; my heart goes out to them.
Mark 8:36 - for what shall it profit a man if he gain the whole world and loses his own soul.
When you see the word research used soo many times it makes one laugh. That's all academics can do. If she believes more research is needed than she really is a moron. If not she's just making excuses for what QE has done.
Dear Mrs. Yellen it doesn't take research to figure out that 7 years of ZIRP has caused companies to load up their sheets with debt with stock buybacks. Instead of expanding the economy this has contracted it. The idea of trickle down economic doesn't work. Its really simple, wage growth hasn't kept up with inflation. Companies aren't investing in their future they are simply stealing from it.
As many have said before if it takes 7 years and moar research, than that's all you're good for. Pray it doesn't take 7 moar, if it does you better find an island, because the future you're creating is going to be a bleak one for 99% of the population.
Sure is a big uptick in her running her mouth. Not a good sign.
The house is on fire....clearly we need more research from a panel of experts as to the benefit of water being applied currently.....
Mah name is Ma Barker and I'm here to steal yo' money, asswipes....
“A majority of the people of the United States have lived all of their lives under emergency
rule. For 40 years, freedoms and governmental procedures guaranteed by the Constitution
have, in varying degrees, been abridged by laws brought into force by states of national
emergency. The problem of how a constitutional democracy reacts to great crises, however,
far antedates the Great Depression. As a philosophical issue, its origins reach back to the
Greek city-states and the Roman Republic. And, in the United States, actions taken by the
Government in times of great crises have-from, at least, the Civil War-in important ways,
shaped the present phenomenon of a permanent state of national emergency.”
“Since March 9, 1933, the United States has been in a state of declared national emergency.
In fact, there are now in effect four presidentially-proclaimed states of national emergency:
In addition to the national emergency declared by President Roosevelt in 1933, there are
also the national emergency proclaimed by President Truman on December 16, 1950,
during the Korean conflict, and the states of national emergency declared by President
Nixon on March 23, 1970, and August 15, 1971.”
“These proclamations give force to 470 provisions of Federal law. These hundreds of
statutes delegate to the President extraordinary powers, ordinarily exercised by the
Congress, which affect the lives of American citizens in a host of all-encompassing
manners. This vast range of powers, taken together, confer enough authority to rule the
country without reference to normal Constitutional processes.”
“Under the powers delegated by these statutes, the President may:
seize property; organize and control the means of production; seize commodities; assign
military forces abroad; institute martial law; seize and control all transportation and
communication; regulate the operation of private enterprise; restrict travel; and, in a
plethora of particular ways, control the lives of all American citizens.
Quackademics
Shouldn't she be home in Israel cooking chicken soup?
It's interesting to me.
Everyone here seems to agree that the Federal Reserve is destroying the country. But some are blaming it on "banksters" while others blame politicians and govt.
I blame the latter. They have the guns, and they set the agenda. True businessmen, even bankers, are the wealth producers. Everyone else exploits them.
Unless, of course, you think its politicians, common laborers, and welfare recipients that created the modern world.
the Fed enables the gov to deficit spend...so they are complicit. Once upon a time bankers helped create wealth...but these days they are are basically parasites.
Successfully throwing Seniors under the bus since 1913 ....
http://31.media.tumblr.com/tumblr_lz1lwc25ox1rnua94o1_500.gif
Mr. Yellen- " we are patiently examining if our patience strategy will patiently calm the patients of the economy. Our patience strategy may require more or less patience based upon how patient the patients respond. Our data shows that if we maintain our patience strategy the patience of the patients of the economy can be maintained indefinitely provided we provide the patience of the economy with an increase of patience and a dose of stimulative patience.
Any questions? Yes one at a time. Please be patient.
I just read the EO by preezzy and just laughed as I read it. However the funniest part about all of it is the quote that finishes each section of the order. Tell me you aren't LYFAO of spitting nails mad at that statement?
any person determined by the Secretary of the Treasury, in consultation with the Attorney General and the Secretary of State, to be responsible for or complicit in, or to have engaged in, directly or indirectly, cyber-enabled activities originating from, or directed by persons located, in whole or in substantial part, outside the United States that are reasonably likely to result in, or have materially contributed to, a significant threat to the national security, foreign policy, or economic health or financial stability of the United States and that have the purpose or effect of:
THREATEN THE ECONOMIC HEALTH OR FINANCIAL STABILITY OF THE UNITED STATES.
AHA HA HA HA HA HAAAAAAAA!
Well then they should all be thrown in jail for threatening the financial health of the country.
FUCK YOU GOVERNMENT!!!
https://m.whitehouse.gov/the-press-office/2015/04/01/executive-order-blo...
I think this means we will DOS them back.
My new plan QE for the home, We will be sending teams to every home and stuffing all beds with 100 dollar bills.
That will make you spend and everything will be fine.
this shit again?
Bottom line, there is going to be a 0.25% rate hike no matter what!
Yeah. The Fed is concerned by wealth inequality. Primarily they are concerned with creating it through monetary inflation.
The economy is a pool of goods and services. The money pool measures it. If there are only $100 and you earn $1, then you have earned 1% of those goods and services. The principle is the same when the number is $10billion or $10 Trillion.
Enter the money printer - the Fed.
With the Fed, you get a deliberate policy of monetary inflation...and now even price inflation.
Let me explain. In that $100 economy. If someone prints an extra $10, and you still earn $1 you no longer have earned 1% but .9%. The other .1% went to the recipients of the new money.
This policy favors the recipients of the new money - the primary Fed dealers - over all the actual producers in the economy. How could anyone be suprised that everyone subsequently wanted to enter finance rather than manufacturing or another productive sector?
Since it's inception, the Fed has actually printed about $58,000 for every $1 that existed in 1913.
Who got all that newly printed money?
Financiers
Politicians
Lawyers
And various government organized monopolies and cartels.
Now do you understand why the economy is terminally ill?
It has nothing to do with capitalism. It has to do with theft and cronyism as an unavioidable feature of monetary policy.