Upgrades to labor market (despite downgrades to economic growth), upgrades to rate hike expectations (despite IMF warnings and downgrades to economic growth) and upgrades to being beyond the law (despite Congressional lambasting)... But do not be confused, Yellen will explain how it all makes sense (and if she can't will mumble and curse and move on)...
- *YELLEN: WAITING TOO LONG TO RAISE RISKS OVERSHOOTING INFLATION (in financial assets?)
- *YELLEN SAYS POLICY MOVES TO DEPEND ON WIDE RANGE OF DATA (any excuse)
- *YELLEN: WHAT SHOULD MATTER TO MARKETS IS THE ENTIRE POLICY PATH (Do Not Sell!)
- *YELLEN SAYS THERE HAS BEEN SOME PROGRESS ON INFLATION (but do not sell)
- *YELLEN SAYS DOLLAR APPEARS TO HAVE LARGELY STABILIZED (with extreme volatility)
- *YELLEN SAYS FED DOESN'T EXPECT TO FOLLOW MECHANICAL RATE MOVES (because evereyone knows this will go pear-shaped)
- *YELLEN SAYS IT MIGHT HAVE BEEN BETTER TO TIGHTEN FASTER 2004-06 (ya think!!!)
- *YELLEN SAYS FED TRIES TO BE TRANSPARENT, ACCOUNTABLE (apart from when Congress asks)
We are waiting for The Congressional Leak Probe question...
[5]
Live Feed begins at 1430ET (with Q&A shortly after)...
Broadcast live streaming video on Ustream [6]
Next Question: How awesome are you? A little bit, medium amount, or freakin' epically awesome? pic.twitter.com/j7Nhte4pO8 [7]
— Rudolf E. Havenstein (@RudyHavenstein) June 17, 2015 [8]
