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Janet Yellen's "Unleash The Liz Warren" Senate Testimony Day 2: - Live Feed
Yesterday she faced the wrath of Hensarling and Duffy in her Congressional hearing, today Fed Chair Janet Yellen pops over to The Senate. We suspect the rhetoric will be a little less aggressive as traders are interested to see if she walks back her comments yesterday that appeared to signal more hawkish "sooner" rate hikes. Of course, the main event will be when Elizabeth Warren is unleashed...
The Fed has been doing its fair share of sucking up though...
When Yellen appeared in front of the House earlier this year, Republican lawmakers criticized her for spending more time with left-leaning politicians and organizations.
That is no longer the case.
Yellen met with 11 lawmakers in May, including nine Republicans. That compares to an average of around two lawmaker meetings per month previously, two-thirds of which were with Democrats. To date, the Fed chair has met with Democratic Senator Elizabeth Warren six times, the most of any lawmaker.
Live Feed...Senate Feed will not begin until hearing starts
Yellen's prepared remarks will be the same (full statement here)
* * *
Here is the punchline from the horse's mouth:
The Committee will determine the timing of the initial increase in the federal funds rate on a meeting-by-meeting basis, depending on its assessment of realized and expected progress toward its objectives of maximum employment and 2 percent inflation. If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target, thereby beginning to normalize the stance of monetary policy. Indeed, most participants in June projected that an increase in the federal funds target range would likely become appropriate before year-end. But let me emphasize again that these are projections based on the anticipated path of the economy, not statements of intent to raise rates at any particular time.
So what can destabilize the outlook? Apparently China and Greece continue to be in the crosshairs:
As always, however, there are some uncertainties in the economic outlook. Foreign developments, in particular, pose some risks to U.S. growth. Most notably, although the recovery in the euro area appears to have gained a firmer footing, the situation in Greece remains difficult. And China continues to grapple with the challenges posed by high debt, weak property markets, and volatile financial conditions.
But there could be good news, especially if the harsh snow we witnessed in June finally ends:
... economic growth abroad could also pick up more quickly than observers generally anticipate, providing additional support for U.S. economic activity. The U.S. economy also might snap back more quickly as the transitory influences holding down first-half growth fade and the boost to consumer spending from low oil prices shows through more definitively.
An excerpt from Bloomberg's prepared remarks:
Federal Reserve Chair Janet Yellen said prospects are good for further improvement in the labor market and the economy, keeping the central bank on track for an interest-rate increase in 2015.
“If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target,” Yellen said in testimony prepared for delivery Wednesday before the House Financial Services Committee in Washington. She said Fed officials expect growth “to strengthen over the remainder of this year and the unemployment rate to decline gradually.”
Yellen, 68, again emphasized that the timing of the first rate rise in almost a decade is less important than the subsequent path of increases, which she said would be gradual. She said Fed forecasts for higher rates this year are projections and “not statements of intent to raise rates at any particular time.”
In the first of two scheduled days of testimony before Congress, Yellen repeated that the Fed will tighten policy when it sees more improvement in the labor market and is “reasonably confident” that inflation will head back toward 2 percent in the medium term.
Yellen’s testimony was similar to a speech she gave on July 10. She again acknowledged concerns over the situation in Greece and added China to her list of overseas risks.
Still, she sounded a note of optimism, saying that “economic growth abroad could also pick up more quickly than observers generally anticipate, providing additional support for U.S. economic activity.”
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ZH is ultimate contra-fade.
If ZH is bearish (always), buy equities with both hands and feet.
If ZH is bullish (never), sell SELL equities fast as you can.
And remember, buy silver even at $50/ounce, gold @ $5,000, and don't forget that China and Russia are the new economic and military superpowers.
Liz "don't audit the Fed" Warren.
This should be interesting.
Fuck it ... a good time out ....
https://www.youtube.com/watch?t=332&v=NI7xxhp0rk8
Something's wrong with my speakers. All I hear is that "Wa wah wu wah wah" muted trumpet sound like when the adults talk in the old Charlie Brown cartoons.
Yeah, I've got the same problem.
DavidC
and O wanted larry summers badly. yellen just extends the shit show longer.....this could go on for decades (right, japan?)
Knuckles, great find on that video...I have now subscibed to his stuff. Anyone who watches this video will understand Obama's strategy to control and maintain power.
I have often said that Obama is not the narcissist everyone thinks he is, but rather he is a pathological, cold and ruthless politician absent any moral or ethical compass in his pursuit for power for his cause. He is the spawn of Saul Alinsky. Why do I say this? While he interjects himself into many things that take place on the news like Trayvon Brown, Michael Brown & Freddie Gray he does not say a word in the case of Kate Steinle. As a narcissist he would have jumped on the news in the case of Kate Steinle because narcissists are all about attention...but he has not said a word about her tragic murder...why?
Sociopaths are all about doing whatever they have to do to get power and control: lying and killing are a means to an ends; sacrifice the few for the good of the many. Obama stuck up for 3 black kids who each had a history of crime and were were tragically killed, even if they each had complicity in the events that transpired which resulted in their deaths. Kate Steinle was a a white girl who had absolutely NO complicity in her tragic random demise; it came about as a result of Obama's refusal to enforce our immigration laws and allow Sanctuary City policies.
Obama will embrace any opportunity to garner press and attention for his political goals but he will shun everything else, even if it means not having one of his people reach out to Kate Steinle's family to tell them how sorry and wrong it was for their daughter to be taken from them in such a tragic way. POTUS has no soul: he is cold, ruthless and calculating and his sidekick Valerie Jarrett is as equally dangerous a person.
Did you know that Obama met with Shakira in the White House 3 times before he ever met with General David Petreaus to discuss the war in Afganistan and when POTUS finally did meet with the General it was on Air Force One and he made Petraeus chase him for the meeting? Obama has spent more time entertaining in the White House, hanging out with Hollywood stars (Jay Z and Beyonce to name a couple) and polishing his rock star image than he has spent solving the most pressing problems of our day, like our poor job situation or immigration. if he wanted comprhensive reform why didn't he do it when the Dems controlled both the House and Senate while he was first President? Why?
Why does he behave this way? Its real simple: when the masses are like the folks in this video its more important to be a rock star and popular than it is to be a person of character. Are Kanye West or Kim Kardashian people of character? How about Bruce Jenner turned Caitlin? These people have no character yet are immensely popular. what does that say about our society?
The left is fragmented and out numbered and the only way they can win the presidency is by doing two things: 1. Having rockstar popularity for their candidate, and 2. Getting their base emotionally riled up to turn out and vote (even if they must lie to them to get the out...otherwise the majority of liberals are too apathetic, uniformed and stupid to understand what they are voting for.
We need to vote out the establishment repugs and get some people in office who will make a difference and use the same tactics against the libtards that they are using against conservatives if we expect our country to resemble our constitution in the next 20 years. Boehner and McConell don't cut it.
Beautifully said.
There is Truly a Galactic, Universal Conflict between Good and Evil Afoot ........
To which we are resplendent in our casual attention ....
When she says 'Maximum Employement' I don't think it means what we think it means. I think when the Fed says maximum employment it is whether you want employment or not. In other words make sure that you can't fucking exist without some job paying taxes into their coffers. In other words, create conditions where you can never retire, you can never make enough to do anything that doesn't entail some form of what the IRS can misapply their deranged definition of employment or trade and consequently from which taxes can be procured to pay into the Fed/IMF/BIS/etc. coffers.
This is what the Fed means by Maximum Employment Mandate
25% un-employment is OK, as long as they are no longer looking for work and therefore on some sort of government dole. This results in more transactional money made by the larger banksters and more banksters behoven to the FED.
WIN WIN.
Lizard of Oz
Like Berlusconi says about Angela Merkle....she's unfuckable.
When you go to a library, do all the different ideas and materials also confuse you enough to have a spat with the librarian?
Don't you all ever get "crisis fatigue" from the never ending TEOTWAWKI articles ZH pumps out, whether Greece, Wars, Goldman/JPM, metals manipulation, Ukraine, Iran, Iraq, Yemen, Libya, China, Japan, auto sales carpocalypse, retail-apocalypse, student loan-apocalypse, home sales-apocalypse, interest rates-apocalypse, Marc Faber, Listicles from Simon Black, etc. Etc. Etc,...
..only to see stocks keep going higher, people keep shopping and buying, metals going lower, interest rates stay low, the EU bailing Greece & PIIGS out, China controlling things, Japan maddeningly, etc. Etc. Etc.???
zh is a good sideshow, just don't take it so seriously.
http://blogs.wsj.com/moneybeat/2015/06/25/markets-headed-to-bubbleland-w...
Remember this classic which went on for months?
http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2...
The bear thesis didn't quite work out..
http://www.bloomberg.com/quote/FB:US
I think I'll go attend the Burning Man. Run naked all day, have sex and watch bankers burn in effigy. You get my point?
Over to more serious note. It's not that I have anything against bankers and the loaning of money in general. What I do have a problem with is how few enrich themselves on behalf of many. Privately owned institutions who enslave rest of the world is a disgrace. You obviously do not have a problem with that and enjoy the central planned markets(these are not free markets and the era of price discovery is long gone). ZH is not bearish. ZH just points out the truth. It's one of the few places where you can actually get the truth instead of coorporate owned TV-stations that just reguritate BS day in and day out.
Besides, if it makes you sleep better that people around the globe are struggling because of these degenerates, then good for you!
Yeah I mean I'm happy to be a slave! All those big decisions--I sure can't do it! Let the technocrats handle it, they know what's best for me. I don't need no re-education! What's wrong with you people?
Everything you've listed has no macro-economic repercussions if you live on Mars.
So why are you on the ZH site????? HMMMMM?
He ain't.
His name was TruthInSunshine.
pods
BTD=embrace the suck.
But hey party on if that floats your boat. Its sort of a free country.
You're right Truth. You should buy moar stocks. Let me know how it works out.
S&P is about to hit another record high. How the hell do you think it's working out?
Where's your blog, TIS?
You know, the one that showcases your brilliance and lets us know how you made your millions?
'Cos ZH had made millions?
What do u drink?
Zh is to the Pax Americana world what Diogenes was to Alexander's world.
Doesn't mean Diogenes knew all the answers; just means Diogenes asked the right questions to the guy WHO THOUGHT HE KNEW ALL THE ANSWERS !
Just use ZH in that perspective.
I'm not watching, i've heard enough lies for the day.
Ditto
thought crossed my mind to go down to washington in a real nice suit, work my way into the hearing, strip down to my boxers, & jump-up on yellen's table yelling "END DICK-TATORSHIP, END FED DICK-TATORSHIP!!!"
... does that make me a bad person?
Ha ha ha
Good one
Only problem,people in Uncle Sam start shooting first and ask question later
Well
It's all a dog and pony show. It's a big club, and you ain't in it !
Bend over and take it, plebe !
right on time for the punp of the Fraud Markets going into the last hour close.....
death to the MoneyChangers........
New highs ahead. Unless she raises rates above the long term 2-3% inflation rate, which she won't, she is pouring fuel on the equity, bond and housing markets.
"So, we will be watching closewy the pwogwess of our wigged PCE measure, which by the way, never shows infwation above 2% outside of a bubble and will, thus, not be waising wates. Even when we wase wates, we won't wase them by much and will keep them bewow where they would normally be because we don't want to pop any of the vawious bubbles we have diwigentwy built over the past 7 years."
Listening to this, it is seems like she just changed the date on the top of the last speech.....
The idea of a Privately owned central bank printing what THEY call money and loaning this ink and paper out with interest is patently absurd.
We have TOP men working on this problem I assure you.
TOP MEN.
Enough with the Bull Shit. Fed Chairmans OWN CONGRESS. Nuff said.
Why do these "experts" always pretend to know what they are doing? Everyone knows the Fed has cornered themselves and have as much wiggleroom as pig in the pigsty. All firepower is spent. Ratehike and there will be tremors in the financial markets around the globe. The indebted are already so much in debt that if banks are forced to increase their rates it will immidately hit the consumer spending, which again will affect the GDP, which mind me saying, is the mother of all measuring tools of the Keynesians. So, what will it be?
More QE and no rate hike..that's what it will be!
"So, I want to thank Nestwee for this dewicious Deer Park water."
Sounds like she took a few shots to loosen up before going onstage....
https://youtu.be/UqmJEA8Id28
Is it just me or is this woman GENUINELY CLUELESS?
WTF??? Yellen is full of shit...
Blah Blah Blah interest rates..... blah blah blah China blah blah blah Greece blah blah BULLSHIT! She will never increase interest rates because she cannot increase interest rates and she and her puppet masters are not finished buying everything in the world yet with free debt that they give themselves.
If she increases interest rates then she blows a giant hole in the U.S. budget and attacking every country outside their borders and half of the counties inside their borders so no there will be no interest rate hike.
Besides how can the Greece the U.S. and every other country if they actually use sustainable accounting and debt loads.
These people from the Fed are dedicated government workers trying to save this country from economic hardship. I think its very disrespectful and libelous to call this harmless little lady working her little fingers to the bone a bullshitting split tounged devil dragon from the deepest abyss of hell! Look at her, she's a nice lady! Stop it!
/sniff
Waving her hand suggests shIe is offering she has no clue.
+ 100 golden donuts
I can't wait untill this blows up in her face! It will blow up hard like all other times....Gold will be worth 5k soon. Want to know what's wrong with this country. Walk into any public library. Poor people use free internet to watch Maury Povich and Jerry Springer, not to learn a damn thing. Don't try and obtain some knowledge about finance, banking or economics.....watch TV shows!
Hey Robert Menedez
Where are those underage prostitutes?
He is like Schumer, begging for more ZIRP and QE. Democrats love their overly easy policy because when it blows up, they can blame the greedy banks and Republicans.
The Dems are another corporate party, whose welfare programs have the main purpose (and effect) of subsidizing banks (with government bonds issued to pay for it) and low-wage industries massively.
And what is that corrupt f*** doing there?
On April 1, 2015, Menendez was indicted on corruption charges, ... The indictment charged Menendez with 14 counts, including bribery, conspiracy, and making false statements.[144] Melgen was also charged in the case.[144] Menendez voluntarily stepped down as ranking member of the Foreign Relations Committee after his indictment.[
https://en.wikipedia.org/wiki/Bob_Menendez
"And China continues to grapple with the challenges of high debt..."
Sure am glad there's no such problem here in the U.S.
By the way, Kendall Jenner stepped out bra-less today, and trans-people deserve your respect - sniffle, sniffle, sob...
For the good of all that is holy, you bitch spawn, learn to communicate.
My head is rattling with all the UMMMM UMMMM UMMMMM bullshit sounds falling out of her wordhole. She would be better to nod and write her answer out before orally flatulating. holy fucking shit.
As a radio deejay for 25 years. Ands umms and y'knows are vocal tics. They are meant as place holders while your mind thinks how to fill dead air
Yellen is either retarded or a pathological liar
Up now, tough talking Liz Warren.
How about that Fed audit?
Is that Patrick Bateman over Yellen's right shoulder? Great wingman.
https://youtu.be/cISYzA36-ZY
I bet the energy input manufacturing costs of the F150 dropped about 50%, wasn't it planned for $100+ barrel oil?
Nat gas, oil, coal prices have all dropped, Aluminum cost is based on it's energy cost, right?
Lie_awatha Warren ain't gonna say shiite to Smellin' Yellen. Warren has been told that any hard questions will repaid with a scalping. Just like her Indian forefathers gave to white Oklahomans 1 century ago,.
https://www.youtube.com/watch?v=qWZvQBX-Lso