Yellen Takes The Stand Before The House Financial Services Committee; Live Feed

Tyler Durden's picture

Federal Reserve Chairwoman Janet Yellen is likely to face a tougher audience today as she returns to Capitol Hill for a second day of monetary policy testimony, this time before the House Financial Services Committee.

Yesterday the market focused on Yellen's comments before the Senate Banking Committee that the Fed would likely raise short-term interest rates “at our upcoming meetings” amid an improving economy, a signal that a move could come as soon as the central bank’s next meeting in March...which sent the March rate hike odds soaring.

March Rate Hike

Yellen declined to say whether a rate increase next month was likely but cautioned that holding off on rate increases for too long “would be unwise,” and could force the Fed eventually to raise rates rapidly, which could trigger a recession.

While Senators yesterday focused primarily on economic and regulatory issues, House members today are likely to question Yellen about many GOP-backed proposals to rein in the central bank, proposals that she has previously opposed. The measures include allowing Congress to audit the Fed’s interest-rate decisions and requiring it to adopt a mathematical rule to guide interest rate decisions.

Live Feed:

 

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Here were some of the key market movements that we pointed out yesterday as Yellen testified that "waiting too long to hike is unwise."  A full summary of Yellen's first day of testimony can be viewed here.

March rate-hike expectations have risen to their historical highs... (around 36%)

Longer-term Treasury yields took another leg higher as Yellen talked about the Fed's balance sheet.

 

Bank stocks are leading post-Yellen with bonds and bullion lower... The broad stock indices are unchanged...

 

Utes, Tech, and Energy are weighing on indices, only banks are higher...

 

Treasury yields are now higher across the entire curve year-to-date...

 
 

Full Prepared Remarks below (link here):

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onewayticket2's picture

fed motivation:  harm to the trump admin and its agenda.  work backwards from there.

abyssinian's picture

Yellen looks like a white mushroom cap with a bald spot, 

lester1's picture

President Trump should clean house at the Fed ASAP and get rid of Yellen. Then tell the new Fed chair to do a one time $1 trillion dollar gold buyback stimulus program at $2000/oz. Anyone can sell their gold to the Fed..It would be a boon to the US economy and replenish the gold supply of the Treasury.

 

Win-win for everyone!!

jmack's picture

The defense and intelligence apparatus are after Trump, the doj, interior, and state as well, hell even his phone operators are after him.  And you want him to give them all an excuse to blame the coming crash on him by removing yellen?

 

  No, you stretch for time, keep yellen all those other obama lackies in place and let it crash on their watch, then explain how the failed policies of the last 8 or 20 or 50 years lead up to this point, and how you are going to get out of it for the least amount of necessary pain to get back to a sustainable economic policiy stance.

Son of Captain Nemo's picture

Then tell the new Fed chair to do a one time $1 trillion dollar gold buyback stimulus program at $2000/oz. Anyone can sell their gold to the Fed..It would be a boon to the US economy and replenish the gold supply of the Treasury.

$2000/oz????....

How about EVERY SINGLE PAPER CONTRACT OUT THERE TO "1 TROY OUNCE"?!!!

Lester

You don't by any chance have another alias like MDB do you?

Takeaction2's picture

Who are those kids laughing behind the speakers.  Hilarious.  This is a horrible meeting...Democrats just cut down Trump and use this as a platform to grandstand.  Fucking PRICKS.  And again...Yellen is the slowest fucking talking hag.  This meeting will go NOWHERE.

TRUMP...shut these FUCKERS DOWN.

LawsofPhysics's picture

"Full faith and credit" you corrupt bitch.

Countrybunkererd's picture

i see "ms waters" speaking... what in the hell is she doing there?  That is like MDB here at ZH, worse.  Faith and credit, that alone says it all.  Oh, now i see why.  Simple questions to detract and deflect, it is right there in her name, MS (muddy some) waters.

Consuelo's picture

 

 

Maxine Waters is there to show the cameras that Black people are smart enough and engaged to understand Fed-speak - just like White folk are...

 

Is media-promoted patronization-of-Blacks great or what...?

deplorable nation's picture

Doesn't Maxine Waters have more "pressing issues" to worry about? Namely, the Russian invasion of Korea?

SmackDaddy's picture

***Places hand on Torah***

I do solemnly swear, to say whatever is necessary to advance the interests of the Tribe

with no regard whatsover for the consequences to the Goyim

So help me Lucifer

NYPoke's picture

Not to be too much of n arse, but the Central Bankers do not swear on the Torah.  They swear on the Talmud, which happens to be the blueprint for the Koran.

Son of Captain Nemo's picture

And don't you love the fact LoP that the report is only 6 pages long?!!!

orangegeek's picture

yellen has lost control of bond yields - here comes the spike

BigFatUglyBubble's picture

I want to watch this bubble pop.  It's like a giant cyst that needs to be drained.

headfake's picture

More lies ...jeez

Countrybunkererd's picture

i never thought i would think or say this, but here it is:  i miss greenspunk.  At least he made you have to think when he spoke.

YouJustMadeTheList's picture

As for me... I kinda miss Andrew Jackson.

Countrybunkererd's picture

any youtubes of him speaking?  i only ever read about him.

cowdiddly's picture

I miss Aaron Burr...Mr. I'll pop a cap in dat ass.

BandGap's picture

I'm thinking it is better to start calling these fuckers out now, rather than waiting. The evil empire is set to grind things to a halt by questioning the credibility of everything Trump.

It is fucking mind blowing that something like the Fed doesn't have to explain, in rational terms, the methodology they use to arrive at their decisions. I find it incredulous that they can resist being audited by the very government that supposedly grants them their power.

Trump needs to let his dogs out, starting with the pics on Weiner's laptop.

small axe's picture

sadly funny that Trump is currently being hounded for his "foreign contacts" while the Fed's connections with foreign and private bankers merit barely a mention ever. Of course, we'd need an audit to be sure...now there's a funny joke.

Countrybunkererd's picture

except that they are laughing at us.

Mena Arkansas's picture

Fed Chairs for the Past 30 Years

Janet Yellen - 2/14 - Present

Yellen was born to a Jewish family in Brooklyn, New York, the daughter of Anna (née Blumenthal) and Julius Yellen, a physician.

https://en.wikipedia.org/wiki/Janet_Yellen

Ben Shalom Bernanke - 2/06 - 1/14

The Bernankes were one of the few Jewish families in Dillon and attended Ohav Shalom, a local synagogue; Bernanke learned Hebrew as a child from his maternal grandfather, Harold Friedman, a professional hazzan (service leader), shochet, and Hebrew teacher.

https://en.wikipedia.org/wiki/Ben_Bernanke

Alan Greenspan - 8/87 - 1/06

Greenspan was born in the Washington Heights area of New York City. His father, Herbert Greenspan, was of Romanian Jewish descent, and his mother, Rose Goldsmith, was of Hungarian Jewish descent. His father worked as a stockbroker and market analyst in New York City.

https://en.wikipedia.org/wiki/Alan_Greenspan

Diversity is your greatest strength, goy.

overmedicatedundersexed's picture

these types of reptiles led to 2008 meltdown from which we have not recovered..

although bonus pools on wall street banks exceeded expectations..

barysenter's picture

...and the dotcom bubble.

...and the Volker usura.

...and taking the West off the gold standard.

...and the UN, CIA and NSA.

...and communist China and "education" genocides.

...and WW2.

...and the Russian revolution and holodomor genocides.

...and WW1.

...and the UNRATIFIED 16A and FRB.

...and the Opium wars.

KILL THE BANK!

YouJustMadeTheList's picture

@ Mena ~ Last jew that wan't FED CHAIR was Volcker...

 

& guess what? as soon as he left he went to work for Rothschilds

Squidbilly's picture

END THE GOD DAMNED FED ALREADY. THESE JEWS WANT TO KEEP US IN CHAINS WHILE THEY DANCE FREE

SJEqualizer's picture

Maxine Waters can barely fucking read a statement that I highly doubt she wrote.

YouJustMadeTheList's picture

Last thing Maxine Waters ever read was a Curious George book (& actually, she couldn't read it but was curiously attracted to the bright yellow bananas in the pictures).

SRV's picture

Was so nice of Mother Fellon to send Maxine the questions she wanted her to ask...

Clear evidence The Fed is an arm of the Dem Party Machine...

Taking back the issuance of money from private banks (who own the Fed, but don't tell anyone cause it's a secret) would be one of the few moves that actually could MAGA!

Since the change to private banks was done much later in Canada, it's helpful to look at the affect this recent event (as one of the last holdouts, clearly Canada was coerced into capitulation although it seems all traces of the process have been scrubbed from the records, and the subject is absolutely taboo in polite company... hmmmm).

In the early 70s, when the change was made, Canada's National Debt stood at just $70B, accumulated in over 100 years. In the < 50 years since, the debt has ballooned (the most significant factor being compound interest to private banks) to well over $700B, a 1,000% increase!

Wwe may have found the problem Captain...

overmedicatedundersexed's picture

Trump might be the one to end the FED..keep pushing  him ms yid.

mosfet's picture

The week that markets take a dump is the same week Trump calls out Yellen & the Fed in tweets; but that's all you'll get out of him - Empty Talk.  As long as markets keep going up, so will his ego.

djcando's picture

Another JK Rowling-like character appointed to a position of great authority and consequence . . . end the Fed!

Hammer823's picture

It should be clear by now that it deosn't matter what this old bird says or does.

Low interest rates and higher interests are both going to be "good".

Just like both Extending and ending the QE program were both "good".

Antying the Fed says or does is "good".  Bescuase it HAS to be.

The stock market it rigged to go up no matter what the Fed or Econmoy does. 

Too much is riding on it.

https://www.instagram.com/the_rigged_street_journal/?hl=en

 

barysenter's picture

Old Yeller is lying to congress! Indict! Prosecute! 

Robert Trip's picture

Who's her hair dresser?

The blind guy?

lester1's picture

Janet Yellen is a liberal and globalist. She's going to try and fuck Trump by raising interest rates. But it will backfire as the dollar keeps getting stronger, which will cause foreign money pour into the USA chasing higher bond yields and makes the debt manageable.

Trump should clean house at the Fed ASAP and get rid of Yellen. Then tell the new Fed chair to do a one time $1 trillion dollar gold buyback stimulus program at $2000/oz. Anyone can sell their gold to the Fed..It would be a boon to the US economy and replenish the gold supply of the Treasury.

detached.amusement's picture

lol 2000 would be an analogue of 35

orangegeek's picture

This fucking cunt spews numbers and percentages to lull those that follow to sleep.

 

CBs have bid all markets to create a narrative for that nigga - nigga says marxism works - and of course it's a complete failure.

 

Trump will tolerate this cunt until it leaves in Feb 2018 - if he dumps this cunt, it and the MSM will spew "it's Trump's fault".

 

But if Trump caps US gov spending, the Fed can't expand their balance sheet - and the markets tank.

 

 

HEY YELLEN YOU FUCKING PIG, THE FFR > = 3 MONTH T-BILL YIELD - MARKET DRIVEN.   ALWAYS HAS BEEN.  ALWAYS WILL BE!!!!  THE FFR RATE IS MADE UP TRASH!!!! 

KimAsa's picture

Her half yearly report says it all.

Dg4884's picture

Can't bring myself to watch the shitshow. 

Robert Trip's picture

The Fuhrer new how to deal with this so-called banking system, swiftly and effectively.

As a result the Germans rose from a nation of servitude to a nation of power.

The fuhrer had a pair.

Everyone in this country who have power to do something are all in on the scam.

BustainMovealota's picture

Fed free money crack is hard to shake off for the banksters

adr's picture

FUCK YOU PUMPKIN HEADED BITCH!!!!

If the economy is so great then how come MC Sports just filed for bankruptcy along with Gander Mountain, Bob's Stores for the 2nd time in a year, and hundreds of others.

If Wall St soaring to never seen before highs was good for the overall economy, then we would all be looking at S-Class Mercedes and houses in the Hamptons.

The argument, "Don't get mad, just buy stocks and be happy." is as ludicrous as cutting your dick off to get a job in Silicon Valley.

dlfield's picture

So, I click play, and Mr. Pearce is probing FAKE NEWS...LMFAO.

dlfield's picture

And now Mr. Meeks is blaming Bush...again.  LOL  What a fucking circus.

Dan&#039;l's picture

Meeks is one of the true dumb asses in the US House. "Obama inherited a bad economy". Funny how I remember that Obama ran to become President and lied his way into the White House and sought to tank the economy by ran the budget deficit up to $20 Trillion dollars. He's typical groid. 

angry_dad's picture

the only thing everyone wants to hear yellen say;

I QUIT