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Janet Yellen Explains To Congress How Devoted She Is To Americans' Interests - Live Feed
Having yesterday explained how The Fed is "devoted" to Americans' interests and how "excited" she is to raise rates, Janet Yellen is set to face the Joint Economic Committee of Congress today... to explain to them how - in her mind - everything is awesome enough to hike rates, despite Chinese stocks crashing again, carnage in commodities, a revenues recession, plunging EBITDA, a collapse in US manufacturing, housing rolling over, and auto sales fading (light vehicle incentives up 14% YoY). Following the renewed volatility in markets, thanks to Draghi, the question is will Yellen be a little more hawkish given the room the ECB has given her?
Yesterday's punchline:
Were the FOMC to delay the start of policy normalization for too long, we would likely end up having to tighten policy relatively abruptly to keep the economy from significantly overshooting both of our goals. Such an abrupt tightening would risk disrupting financial markets and perhaps even inadvertently push the economy into recession
Ironically, it is rate hikes that have been the cause of every single recession since the arrival of the Fed.
Live Feed...
As Citi's Stephen Englander notes,
Fed Chair Yellen’s problem is not the hawks or center of FOMC, who feel a hike is overdue. Her problem is the doves who still feel that there is significant slack and that the amount of effective stimulus is much less than zero rates and a big balance sheet would suggest. So if she wants to have a consensus with one or fewer dissents she has to convince the doves that she is committed to a slow pace of hikes. Along these lines, both Evans and Brainard yesterday seemed more or less reconciled to December lift-off and their emphasis was on the pace of hikes subsequently, and they are pretty committed doves.
The easiest way for her to sound dovish is to keep talking about 1) the dollar and implied tightening of monetary conditions – Fed focus on the currency is rare enough still that it will be effective, 2) the need to be prudent in assessing the impact of lift-off on the economy and asset markets, 3) the sorry state of the rest of the world, and 4) her view that the equilibrium interest rate remains low and will rise only gradually. Essentially, she will point to lift-off and be almost apologetic about it. Just talking about the USD repeatedly will convince the market that the FOMC will take it into account in determining the pace of hikes. (My personal view is that USD has modest impact, but that is not here or there with respect to the stance that Fed Chair Yellen will take.)
What would be a hawkish surprise? Talk about how robust US economy has been, make some comments on inflation firming in parts of the data, talk about the fast pace of the unemployment drop and say something like market is already pretty dovish in its expectations. It’s possible but I can’t see what would motivate her to make this emphasis.
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Don't forget, it's all for you...
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americans interests ... by allowing them to collect no interest when they park $$$ in their savings accounts or bonds.
quick question, do they now completely re-write college text books in-order to explain how interest works on bonds? im not sure id ever want to explain this new system to a young person.
You read this headline and you have to just chuckle....Devoted to American interests...LOL
Yeahhh, devoted to steal the shit out of the public. Get ready to pay in 2016.
Article is totally wrong. Rate hikes are not the cause of recessions, politicians messing with the business cycle to continue endless defecit spending are the real root cause. The rate hikes are always too little too late to slow down the freight train as the end game approaches.
She sounds more like a man than some of the men that are asking her questions.
And agreed, rate hikes are irrelevant. The economy is shit and there is no skirting around that-rate hike or no rate hike. Whatever makes SHTF will be made into the martyr du jour, but in reality all it is is a scapegoat for the underlying issue.
Let rates normalize and have a sudden, painful, yet remediating crash OR...
Let things continue the way they are and have the market die a slow, painful death.
What, is Lindsey Graham on that committee?
"Devoted to American interests...LOL"
So I take it yelling only considers the banksers Americans?
Just let the rest of the slaves eat cake....
American interest 'RATES' (lack thereof) perhaps.
She could prove her devotion to the American people by disbanding the FED, and having all of the board members take a swan dive off the roof into the parking lot, just to be safe.
Seriously, my girl keeps telling me she needs to get a financial advisor because she's not earning anything on her nest svaings. I tell her return of capital is the name of the game today, not return on capital.
Good advice to her, end game is coming so be patient.
If you be smellin yellin you be knowin she's a felon...
http://thesaker.is/putin-delivers-state-of-the-nation-address-december-3...
Rates are going NEGATIVE
As much as insane McCain is interested in the health and happiness of Syrians. Or Erdogan is interested in the well-being of Russian pilots.
Abolish the Fed and return to sound money if you are so concerned about Americans' interests!
Dear Janet,
Since you are so excited, please raise rates by 5% to prove your love for the exceptional citizens of America.
Pretty please.
Thanks!
5% is good, as it would also cause a reduction in carbon dioxide emissions.
Fuck you Yellen, you lying sack of shit
Janet Felon is continuing her crimes unabated.
Janet Felon is continuing her crimes unabated.
Will someone kick this dough boy in the head please!!
She is devoted to the Jewish banking interests and anything beyond that is an outright lie. Why the need to tell anyone her actions should be good enough. She is a liar and everyone knows it. Tell us how Lolyd Blankefien and Jim Dimon became Billionaires running banks that required taxpayer bailouts if you are for the American people Mr. Yellen?
Yellen and her husband have an annuity that pays them $400,000 a year for life.
They want you in stupid 401Ks. They know what's best.
She is as devoted to the American sheeple as a snake is to its prey
All 1oz Silver coins are €12 @ EurGold
https://www.eurgold.eu/silver/silver-coins/
Below spot price? Must be some fraud.
Mr. Yellen believes that inflation, meaning prices that you and I pay for goods, are not high enough.
Americans must pay more for everything. Then the economy will be working correctly.
Janet "destroyer of worlds" Yellen has a voice that makes me grind my teeth.
She has been well chosen as the blame hound in this play.
F*ck Jelly is completly ignorant or she´s on a shit load of LSD & Rohypnol however I doubt this will help her get laid or make any of her expactations (fantasies) come true...
Do I hear a ROAR FOR MOAR? Hell YA!
One word you stupid fucking whore (bought and paid for).
Clawback
Yellen is right in a way.
Under these economic conditions with the regulatory and tax code we have today, we are at the full allowable employment.
Unless something changes with both taxes and regulations, this is as good as it can get.
I have a garden gnome that looks just like the her, used to like that thing, now, I piss on it every chance I get. Its the little things that bring me joy!
Can you imagine being married to this bitch? Can you just complete an understandable sentence, just for once. Tip, delete about 99% of words you use in a sentence.
Can we get a mass shooting at the Fed?
What a BULLSHIT KISS-ASS-FEST this was! A total crock of SHIT!
We may be able to keep our radiated organs.
You DIDNT make that...... so NO!
Only Jews are devoted to USA interests in fact they have the monopoly of running the federal reserve (sarcasm here ), nobody does it better than the Jews ( to rip off the population with fake money ).
"Only a higher dollar can stave off inflation"..... WOW!
What is going to happen when the dollar starts to fall because other countries are buying Yaun......... instead of dollars
Paint a Turd (economy) any color you want honey, at the end of the day it's still a turd.
RaiSE Rates? Yeah, just like a person in the middle of the ocean can safetly drill holes through the bottom of his wooden rowboat...
back slap fest for America's best and brightest leaders - I cant even care anymore Id rather have people with less college and more common sense in charge - truly painful and embarrasing to listen to these creatures
The articulation of her thought process flows like molasses.
And what flows out of the mouths of the Congressmen and Yeller is as solid as diareeha.
AAAAAAAAAAAAAAAAAAAAH!!!!!!! HA HA HA HA HA HA HA HA HA HA HA HA !!!!!! And I look after the interest of my local drug dealer or bank robber!!! I needed a good laugh!!!! Thank you Congress and Madame Yeller for that great entertainment!!! What a show!!!!
From THE CREATURE FROM JEKYLL ISLAND, objectives of the fed at inception and NOW
1. How to stop the growing influence of small, rival banks and to insure that control over the nation's financial resources would remain in the hands of those present;
2. How to make the money supply more elastic in order to reverse the trend of private capital formation and to recapture the industrial loan market;
3. How to pool the meager reserves of the nation's banks into one large reserve so that all banks will be motivated to follow the same loan-to-deposit ratios. This would protect at least some of them from currency drains and bank runs;
4. Should this lead eventually to the collapse of the whole banking system, then how to shift the losses from the owners of the banks to the taxpayers. THE CARTEL ADOPTS A NAME Everyone knew that the solution to all these problems was a cartel mechanism that had been devised and already put into similar operation in Europe. As with all cartels, it had to be created by legislation and sustained by the power of government under the deception of protecting the consumer. The most important task before them, therefore, can be stated as objective number five:
5. How to convince Congress that the scheme was a measure to protect the public.
Janet live: "IF WE RAISED RATES WE WOULD HAVE THE POSSIBILITY OF LOWERING RATES."
wtf?
Yes, that stinged my ears like hell!.
I will kill your son so i can appologize to you.
That's insane! INSANE.
Muster a firing squad.
No rate increase at x-mas:
Janet's admission of "slack in the labor market due to involunatary unemployment...
it remains highter than it ought to be in a full economy."
Go figure...
With Wall St. at, or near, all-time highs is it any wonder people have dropped out of the labor force; Let them eat cake!
If she is truely devoted to american interest, she should go work as a construction worker, car factory worker for a year, get fucked by other male workers and get feel of ass pain.