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Yellen Warns "Rate Hikes Appropriate This Year", Blames "Snowy Winter" - Live Feed
Traders looking to get an early start on the holiday weekend will have to wait a bit longer today, as Janet Yellen is set to speak to a sold-out audience at the Providence, Rhode Island Chamber of Commerce’s Economic Outlook Luncheon today.
Yellen will discuss the prospects for the economy and will likely parrot the usual talking points about consistent employment gains and a generally positive environment for growth — “transitory” Q1 weakness notwithstanding.
The Fed chief will also likely reiterate that ‘lift-off’ will probably come later this year, because as we learned earlier this week, the BEA and Yellen’s friends at the San Francisco Fed have now given the FOMC the all-clear to ignore Q1 GDP because once the data undergoes a second seasonal adjustment, the economy will be shown to have performed fine after all meaning the rate hike can proceed as planned.
As a reminder, earlier in the session we got a core CPI print that ostensibly indicates that inflation is moving in the desired direction providing further breathing room for the Fed to tighten (although our take on the data was a bit different).
- *YELLEN SAYS RATE RISE AT SOME POINT THIS YEAR IS APPROPRIATE
- *YELLEN SAYS `WE ARE NOT THERE YET' ON FED'S EMPLOYMENT GOALS
- *YELLEN SAYS GRADUAL PACE OF TIGHTENING IS LIKELY AFTER LIFTOFF
- *YELLEN: SOFT FIRST QUARTER LARGELY RESULT OF TRANSITORY FACTORS
- *YELLEN: FED NEEDS REASONABLE CONFIDENCE ON PRICES FOR LIFTOFF
Live Feed
Alternate Live Feed (click image for link to Bloomberg Live Feed)
* * *
Key excerpt:
Given this economic outlook and the attendant uncertainty, how is monetary policy likely to evolve over the next few years? Because of the substantial lags in the effects of monetary policy on the economy, we must make policy in a forward-looking manner. Delaying action to tighten monetary policy until employment and inflation are already back to our objectives would risk overheating the economy. For this reason, if the economy continues to improve as I expect, I think it will be appropriate at some point this year to take the initial step to raise the federal funds rate target and begin the process of normalizing monetary policy.
And here is Yellen blaming the "snowy winter"
The Commerce Department's initial estimate was that real gross domestic
product was nearly flat in the first quarter of 2015. If confirmed by
further estimates, my guess is that this apparent slowdown was largely
the result of a variety of transitory factors that occurred at the same
time, including the unusually cold and snowy winter and the labor disputes at ports on the West Coast, both of which likely disrupted some economic activity. And some of this apparent weakness may just be statistical noise.
Finally, why Yellen is bullish...
I therefore expect the economic data to strengthen.
... and yet she still refuses to hike rates.
Further headlines:
- *YELLEN EXPECTS INFLATION TO MOVE UP TO 2% AS ECONOMY GAINS
- *YELLEN SAYS SHE EXPECTS ECONOMY TO STRENGTHEN AFTER WEAK 1Q
- *YELLEN SAYS IT WILL TAKE TIME FOR HEADWINDS TO FULLY ABATE
- *YELLEN SAYS GROWTH TO BE MODERATE OVER REST OF 2015 AND BEYOND
- *YELLEN: `SEVERAL YEARS' BEFORE RATES BACK TO LONG-RUN LEVELS
- *YELLEN SAYS EURO ZONE RECOVERY APPEARS TO BE ON FIRMER FOOTING
- *YELLEN: FED'S POLICY COURSE WILL BE DETERMINED BY INCOMING DATA
- *YELLEN SAYS PACE OF TIGHTENING COULD SPEED UP OR SLOW DOWN
- *YELLEN: U.S. SHOULD PURSUE POLICIES THAT SUPPORT PRODUCTIVITY
- *YELLEN SAYS CHINA AND SOME OTHER EMERGING ECONOMIES HAVE SLOWED
- *YELLEN SAYS RECENT DATA ON PRODUCTIVITY HAVE BEEN DISAPPOINTING
Full speech below...
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negative interest rates
https://www.youtube.com/watch?v=ogJl8ghEIPk
7 years of this shit, and we're still in the hole (only deeper this time)
Go ahead bitch, Make my day!
RIPS
"There ain't nuthin uglier than an old white woman." Fred Sanford, Sanford and Son
Shes like Dangerfields twin...Sorry Rodney.
https://www.youtube.com/watch?v=XXq2rsaOxWQ
RIPS
Economists and Fed chiefs enjoy explaining the growth of the US population as a part and parcel of the US "exceptionalism" meme. But the truth of our economic troubles (and OECD nations alike) lies in slowing population growth and the components of that slowdown. The core populations are shrinking...the old are swelling...the young are barely growing.
http://econimica.blogspot.com/2015/05/the-truth-of-great-financial-crisisand.html
When you have demographics against you, interest rates at zero, record debt to GDP, and you are likely beginning a recession while in the midst of the greatest asset bubble of all time...below are some things to consider while Wall St. and the Fed tell you all is well!?!
http://econimica.blogspot.com/2015/05/reality-check.html
Yellen and the fair-weather economists are what passes for brilliant mainstream commentary?
So proud to be a conspiracy theorist.
Finally dawned on me. Yellen is really Yoda in drag
Big deal.
Pedophiles will admit that their behavior is inappropriate. Doesn't mean any changes in activities are on the way.
Is a life of delusion a stress free life?
When you are the paid mouthpiece of the oligarchy I guess so.
LYING ASS BITCH!
every myth concerning this dead economy is being trotted out yet again....
FUCKING UNBEARABLE!
Awesome I can't wait to see these rates rise. Looking forward to it
get ready....get ready....get ready....get ready....get ready.....get ready......................you get the idea.
get ready....get ready....get ready....get ready....get ready.....get ready......................you get the idea.
"Oh Lordy Lord, she desperate, do what she say, do what she say!"
https://www.youtube.com/watch?v=AjPBp6DOwgU
pods
+ 100 for Sheriff Bart reference
Seriously, who would pay money to hear her speak in person?
NoVa
She obviously missed Barry's speech to the Coast Guard last week labeling Global Warming as a "terrist threat to merika." Terrist weather can incite riots and disorder in the streets, he claims.
A misogynistic idiot parroting Clint Eastwood movies.
That's profound! :-)
http://www.bloomberg.com/news/articles/2015-05-22/gdp-changes-coming-in-...
Circus sideshow / Shit show
Watching her now literally choking on her words. How fitting.
Today, the Federal Reserve's responsibilities fall into four general areas.
1. Conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices.
2. Supervising and regulating banks and other important financial institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers.
3. Maintaining the stability of the financial system and containing systemic risk that may arise in financial markets.
4. Providing certain financial services to the U.S. government, U.S. financial institutions, and foreign official institutions, and playing a major role in operating and overseeing the nation's payments systems.
Failure 1. "Delaying action to tighten monetary policy until employment and inflation are already back to our objectives would risk overheating the economy"
Failure 2: Banks are not sound but even with Fed audits found guilty of serious crimminal activity.
Failure 3: Markets are operating outside any reasonable economic measures, statistics or historical conditions.
They are good at #4, creating fiat money to keep 1, 2, 3 in constant snafu.
She almost looks like that deer in the headlights picture that Tyler uses sometimes!
DavidC
"She almost looks like that deer in the headlights picture that Tyler uses sometimes!"
Good observation DavidC...Grandma Yellen has that same dumbfounded and clueless look as the deer...
would you like a suckle of my zirple?
The northeast loves the FED. Probably have bumper stickers.
Any othe observations on UVXY?
"markets" down UVXY down
"markets" up, UVXY down
"markets" sideways, UVXY down
Am I missing anything here?
You may want to look at a UVXY chart from inception: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=uvxy&ins...
Note the move down from 300,000 to 38. MACD is a meaningless flatline, and RSI has never gone above 50, while volume has done a moonshot. Why do so many people want to play at one of the worst tables in the casino?
short SXVY or or buy SVXY puts if you must play the "Vix is going higher any day now game"
you know, fellas - in that last photo..
I actually think she's gellin'.
I would rather her warn of her impending indicment or at the very least resignation for leaking info.
Rate hikes are appropriate this year "if" the economy improves..... Lol
Just like saying a corpse is in' stable but serious condition'.
Perfectly true but....
"The operation was a success but the patient died."
I'M GONNA' DO IT!!.....DON'T MAKE ME!.....I REALLY MEAN IT!....I REALLY, REALLY, REALLY MEAN IT!!!!
yeah sure.
Everything is great,you are lucky to have all this prosperity,and if you believe this BS you are in the brought off media brainwashing you 24 hours a day,7 days a week.
Bail out buy physical,this BS is manufactured on an industrial scale to hide the bankrupt truth.
" it's appropriate to take the "initial steps" to raise rates later this year"
"Initial steps" she just said no rate hike this year. I want my ham sandwich.
You'll get rat like everybody else and like it.
zerohedge @zerohedge 36s37 seconds ago
Yellen: " I expect the economic data to strengthen."
Another 'sub-prime is well contained' moment from these thickos at the FrauDeral Reserve all for themselves
And future generations from now will wonder how America even existed without negative interest rates.
"Mommy, what is a savings account?"
-" a bygone ancient relic jimmy."
no mooooaar QE, promise of a rate hike, why are stocks still up? cause we all know that fundamentally all is shite, so no rate hike and moooaaar QE will come
And.....the "markets" are green.....
BULL
SHIT!!!!
Why are you surprised? If you read what she actually said, you'll see that she basically said no rate hike this year.
I think you might be right. It is always out of reach.
Besides high demand for US LT Treasuries, she will have to confess in 6 months that demand is so high that NIRP is appropriate Mark to Market.
74 months worth of bullshit. Why stop now?
Rates will rise in June.
Then one of two things will happen, with the first the more likely.
1) They declare QE a success (actually she's doing it right now), and when the economy crashes this fall they roll out QE5 ...and we're off to the price races! ('Cause nobody's gonna believe in that crap paper after this performance.)
2) The raise in rates allows the natural (for this system) money deficit to torpedo the bad bank they've made of the US Fed, and then use the Pacific trade agreement to cut the country to pieces and deliver ownership of all in it (including the people) to the control of foreign governments (really themselves in their new guise as foreign power brokers).
You need to know that using interest bearing debt as the reserve with which to create non-interest bearing money makes collapse inevitable, and more likely over time. The reason why is that it is mathematically impossible to pay the interest because the debt + interest is BY DEFINITION greater than the total currency. Subsequent roll-overs simply enlarge the percentage of accumulated interest in the debt until it becomes unservicable...like now.
So... they raise rates, the currency collapses, presuming we've gotten to the point where the accumulated interest is unservicable.
But if it isn't then why have they been printing money for 7 years????
It honestly raises my blood pressure and heart rate when I hear this fucking bitch talk!
Her voice and way of speaking makes me absolutely BATSHIT!
I can't do it....
Sounds like she's swallowing a wasp, with a teapot cozy over her head.
It might even be Yiddish.
What fuckin snow. Didn't even go thru a complete bag of salt this past winter in Penna.
sounds like she is laying the ground work for cover should she not raise. about a paragraph at the top-end of the speech about people out of labor force (with regard to the REAL unemployment rate). coming out of denial is the first step. ZH has only been discussing this issue for years. maybe janet finally started monitoring the site to get a clue?
Shut this fucking cunt up. This fucking pig runs what seems like a speaking engagement every fucking day and the markets goes full retard.
Shoot this fat old bag dead!!!!!!!!!!!!!
At least she isn't getting $250,000 per pop
Yet!
DavidC
Are you threatening the head of the Federal Reserve with murder, douche-bag?
Did mama have any children that lived?
*Year is based on 1 complete revolution of Sedna around the Sun
"risk overheating the economy"?
haha ... the only way US economy "overheats" is if Russia/china send a few nukes our way
None of this makes any sense as you point out.
There is no risk of an overheating economy, it is something very different. The risk is disinterest in Investing in the USA, the US Economy, and the USD... The risk is a permanently Imbalanced Economy with 'Flat' Sectors that provide no opportunities and attract no investment.
I don't know this stuff.
How is a small Interest Rate increase over 1 year going to make a difference? If I was a Serious Investor I might wait 3 or more years to get the Rate I wanted.
- False Flag Cover seems more likely than any true concern by the FED or any True Reform Program by the FED
- War must be Imminent like in 2016 to put an end to these small changes in Interest Rates
I always thought Woody Allen talked funny............
After reviewing some additional manipulated data points, we here at the un-fed have decided not to raise rates at this juncture.
The economy is behaving quite well(as planed) and we don't want to disrupt it's smooth trajectory going forward.
We will continue to review upcoming data.
Thanks and have a great weekend. Love, Capt.Jack Yellen Comander USS Bullship(t)
Leave the rate at 0 forever,mail these parasites their paychecks to a PO Box in Aruba,and never let this foul creature get within a mile of a mike or tv camera again
Only Dumb Asses listen to these twit's. Just print the FIAT bitch and let's continue the charade. Gold and Silver is gonna crush Central Banks sooner than later. Tee, Hee, Hee...
Gold and silver are in the toilet, and have been for years.
Tee hee, tee hee....
Down vote just since you are a consistent bitch.
". . . taking the steps to normalizing monetary policy"
How about normalizing money?
Fed playbook: pretend to stop printing then print
Visions of Danny Devito's penguin fills my mind.
I'm starting to think I must have been a 'supposedly' evil fucking Ramuses II himself in a past lifetime to be compelled to look at these ugly fucks rule the world in this lifetime...
Otherwise, there's ZERO explanation
Productivity Growth is the Most important indicator??? #@$%&@@
She is a dinosaur and thinks none of us Voters actual Read.
What a dipship. Consumption and Standard of Living related to Productivity Growth!!!!!
Get the F*** Out of here, Frau Yellen.
All bullshit do not spend one second of your life at this. Go gardening
hey grandma, go back to doing something you know how to do, like go bake us some cookies, or iron some shirts - step away from the printer
How would the child of the penquin man and a gnome look like ?
Nothing in this speech indicates the Federal Reserve has a clue what is happening to the U.S. economy nor the global economy. The Fed's grand keynesian experiment has failed and the results will be catastrophic. The Creature from Jekyll Island will eventually be discredited and dismantled...
http://www.globaldeflationnews.com/the-creature-from-jekyll-island-the-e...
Someone needs to drop a house on that witch.
Quite simply said. +1
We could do it. But we might not do it. Depends. Ok, maybe we'll do it. Then again, we might not do it. If we do it, we'll really mean it. I mean, we'll mean to do it. We have to protect our phoney baloney jobs here, gentlemen! We must do something about this immediately! Immediately! Immediately! Harrumph! Harrumph! Harrumph! I didn't get a "harrumph" out of that guy!
"*YELLEN: `SEVERAL YEARS' BEFORE RATES BACK TO LONG-RUN LEVELS"
Bull S***, Interest Rates will never again reach 5%, due to the obvious political stress caused on Congress
I don't know if Political Pressure by the US War Mongering and the Call that "You are either with us or AGAINST us" caused foreign nations to buy US Long Term Treasuries. EU and China obviously have other reasons to buy or seek a safe harbor for revenue. But the fact is the whole world has increase purchases of US LT Treasuries.
The USA is the World Superpower, a War power over the last 13 years, an aggressive nation to be respected if not feared. And also Financial & Economically Aggressive enough that it is safer to bend to US will and participate in our Economy and political deals.
However... there are many risks to USD, US Investments, Consumer Markets, high debt levels, 10 year Credit Bubble, Huge Historical World Debt Record Held by the USA.
It is very Likely that an organized Oppositional Political Force exists in the world today to oppose the USA and present alternatives such as the BRIICS. There will be dangerous opposition to the USD as the World Currency and as the Petro-Dollar due to poor stewardship.
50% -50% Both Financial Collapse & Large Regional War/or Larger Cold War part II with both Russia & China despite China being a large Trading partner... which means China can Coerce and Blackmail the USA for more Property Ownership, More Debt, More Trade Rights (TPP), and more advantages over US Consumers, US Workers, and US Businesses... It is called Leverage.
----------------------------------------------------------------
Leverage Takes AWAY Sovereignty & Freedom & the Chance to compete as an Equal with the same advantages of the Large Organizations, and the same change in the Court of Law and Civil Courts.
----------------------------------------------------------------
** British Trade History, Colonialism and Power Plays all indicate this is the "End Game". America the Dream is all but over. **
Neither Congress nor the FED can afford the Political Consequences of Raising Interest Rates for very long and especially not to the level of 5%
We're clearly waaay overdue for a Fourth Continental Congress. All in favor say aye, and start firing up the process of bypassing the current government altogether. Why wait?
Sadly, all I was able to google up on the spur of the moment were these miniscule indications:
http://www.freewebs.com/urbanmedic/
http://files.meetup.com/523828/CALL%20TO%20FORM%20A%20CONTINENTAL%20CONG...
CNBC is now playing a Hillary Interview where she pretends that she voted for a bunch of trade bills, both up and down.
Then she says she has concerns about this and that.
I have concerns about my toes and crotch itching, but doesn't really provide insight, history, background, past enforcement, past implementation, past legislation, past staffing levels, past budget levels, past regulation successes and failures.
** These sound bites of Politicians are bull S***, the death of real journalism, news, and education. ** They are actually less information than govt bullet charts **
None of that shit is going to happen in her fucking lifetime! Jews are so ignorant of reality...all they care about is $.
Sure looks like they set up this ignoramus to take the fall. Maybe their thinking was that the rioters would think twice about dragging a pathetic midget grandma out into the streets.
i made 2500.00 sitting on my lazy ass all day long.
Yellen is paid enough to pander the lie that the Fed will "eventually, maybe even this year" raise rates. The Fed cannot raise rates. It would implode the derivatives markets and blow a hole in the Treasury budget. The "raising the rates in the near future" chatter from the Fed is designed to keep the bond market believing that the Fed will not monetize its burgeoning balance sheet. If the bond market were to disbelieve the pablum emanating from the Fed, game over. Clearly, she gets paid enough to avoid stating the obvious, unless she is a complete idiot, which I do not believe is the case.
Lol.. like taking candy from a baby...
http://globaleconomicanalysis.blogspot.com/
Mish: The economic projections of the Fed have been and remain laughable.
Laughed out loud!
Seeing as that kike roach dual citizen Stanley Fischer is the real FED chair I wonder how many times she has to polish his knob every week.
It would be really funny if she actually did all the right things nobody expect her to do, like raising rate, offload the balance sheet and never print again lol. True is that so far she did not do any "wrong" policy unlike Bernanke and positive talking may be used to proceed as smoothly as only possible within current means.
Not that I believe it yet but starting to notice her suspicious "non"-action, I am 100% Bernanke would already launch another QE at this point - maybe already long ago.
Could anyone tell me the last time there was a NON Jew FED chair?
"Overheating economy" is a completely meaningless term, in fact the "national economy" is a phantom of Keynesian aggregation. The business cycle is caused by credit expansion, for which the Fed's policies are directly responsible. There is really nothing else to discuss. Economic progress has been suffocated by government intervention for more than a century.
yellen, do it. quit talking and do it. [things are getting a bit to predictable]