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Keyword: yellen

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  • Bone-Smoking Nonsense

    08/14/2015 12:16:13 PM PDT · by SatinDoll · 3 replies
    The Market-Ticker ^ | August 14, 2015 | Karl Denninger
    The amusement is strong from this one.... The economy has made great gains and is approaching an acceptable normal. Policy should shortly acknowledge this reality. The Fed took extraordinary policy measures in response to extraordinary economic conditions. Conditions are no longer extraordinary. Compared to earlier in the year, we know a lot more and can shelve some concerns. We appear to be past the most acute concerns of a spillover from Europe. I have more confidence in the resilience of the economy today compared to even a few months ago. I am much less concerned about a reversal of economic...
  • The Fed Has Been Horribly Wrong, Deutsche Bank Admits-Dares To Ask If Yellen Planning Housing Crash

    06/01/2015 9:08:14 AM PDT · by tcrlaf · 26 replies
    Zerohedge ^ | 6-1-2015 | Durden
    The reason why Zero Hedge has been steadfast over the past 6 years in its accusation that the Fed is making a mockery of, and destroying not only the very fabric of capital markets (something which Citigroup now openly admits almost every week) but the US economy itself (as Goldman most recently hinted last week when it lowered its long-term "potential GDP" growth of the US by 0.5% to 1.75%), is simple: all along we knew we have been right, and all the career economists, Wall Street weathermen-cum-strategists, and "straight to CNBC" book-talking pundits were wrong. Not to mention the...
  • Fed Chair Yellen says stock market prices 'quite high'

    05/06/2015 10:49:36 AM PDT · by xzins · 70 replies
    Yahoo Finance ^ | 6 May 15 | Martin Crutsinger
    Federal Reserve Chair Janet Yellen on Wednesday described stock market valuations as high and said the central bank was carefully monitoring their impact on financial stability. "I would highlight that equity market valuations at this point generally are quite high," Yellen said in conversation with Christine Lagarde, managing director of the International Monetary Fund, at an economics conference. Coupled with weak economic reports in the morning, her remarks drove stocks broadly lower in Wednesday trading. Yellen added, however, that the overall risks to financial stability are "moderated, not elevated" and she does not see the hallmarks of any bubbles. She...
  • Yellen: Unemployment Rate Looks 'Less Rosy' When Part-Time and Discouraged Workers Are Counted

    02/24/2015 11:54:36 AM PST · by Hojczyk · 12 replies
    CNS ^ | February 24,2015 | Ali Meyer
    Federal Reserve Chair Janet Yellen said Tuesday at a Senate Banking Committee hearing that the U-6 unemployment rate--which includes people who are working part-time for economic reasons and those who are marginally attached to the labor force--“definitely shows a less rosy picture” of employment in the country. People "marginally attached" to the labor force "are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for one work sometime in the past 12 months." In January, according to the Bureau of Labor Statistics, the "U-3" unemployment...
  • Yellen: Unemployment Rate 'Less Rosy' When You Count Part-Time, Discouraged Workers

    02/24/2015 5:36:17 PM PST · by Son House · 21 replies
    CNS News ^ | February 24, 2015 | Ali Meyer
    Federal Reserve Chair Janet Yellen said Tuesday at a Senate Banking Committee hearing that the U-6 unemployment rate--which includes people who are working part-time for economic reasons and those who are marginally attached to the labor force--“definitely shows a less rosy picture” of employment in the country. People "marginally attached" to the labor force "are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for one work sometime in the past 12 months." In January, according to the Bureau of Labor Statistics, the "U-3" unemployment...
  • Fed fight heats up

    02/20/2015 5:34:48 AM PST · by Cincinatus' Wife · 12 replies
    The Hill ^ | February 20, 2015 | Kevin Cirilli
    The Federal Reserve is pushing back against mounting criticism of the central bank, even as those pushing for reforms ratchet up their attacks. Fed officials have in recent weeks met in private with staffers from both parties, focusing primarily on the Senate, according to sources familiar with the meetings. Meanwhile, Chairwoman Janet Yellen and other Fed officials have publicly sounded off against a proposal championed by Sen. Rand Paul (R-K.Y.) that would give Congress more sway over the bank. The uptick in outreach from the independent agency signals an effort to quell calls for significant changes at the Fed and...
  • Alan Greenspan: QE Failed To Help The Economy, The Unwind Will Be Painful, "Buy Gold"

    10/29/2014 11:47:09 AM PDT · by Rusty0604 · 17 replies
    Zerohedge ^ | 10/29/2014 | Tyler Durden
    It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed's bond-buying program fell short of its goals, and had a lot more to add. Mr. Greenspan’s comments to the Council on Foreign Relations came as Fed officials were meeting in Washington, D.C., and expected to announce within hours an end to the bond purchases. He said the bond-buying program was ultimately a mixed bag. He said that the purchases of Treasury and...
  • Please, Janet Yellen, Shut Up

    10/18/2014 6:37:05 AM PDT · by Kaslin · 23 replies ^ | October 18, 2014 | John Ransom
    It’s long past time to end the Fed as it is currently constructed. And it was only a matter of time before an Obama appointee put an exclamation on the point. It’s what Obama appointees are best at. Yellen stepped out of her role as Master of the Stock Market to expound on taxation and public education.Yellen points out that poor school districts sometimes aren’t funded as well as rich one are because the United States relies on local control of education. It’s what she calls “subnational taxation.” Her implied proposal is that it would be much better if the...
  • Yellen US Jobs Market 'Yet to Fully Recover'

    08/23/2014 4:05:28 AM PDT · by Son House · 16 replies
    MENAFN News ^ | 22/08/2014 | MENAFN News
    Yellen picked through the various arguments over what the seemingly contradictory data says: the faster-than-expected fall in the jobless rate to 6.2 percent from 7.3 percent a year ago, against the persistently extremely low labor force participation rate since the Great Recession, just 62.9 percent. Yellen agreed that there have been some structural changes that have affected the way the labor market signals tightening through indicators such as part-time work, the number of people leaving jobs, and wage gains - which have been virtually insignificant since the recession ended in 2009. But she insisted that the combined data that the...
  • Fed Chair Yellen: Minimum wage hike to have negative impact on jobs

    05/08/2014 4:38:15 PM PDT · by Nachum · 9 replies
    CNBC, with Reuters ^ | 5/8/14 | Staff
    In testimony before a Senate committee on Thursday, Fed Chair Yellen said a minimum wage increase would likely have some negative effects on jobs, though it´s not clear how large. Still, boosting the federal minimum wage, which has remained at $7.25 per hour since mid-2009, would benefit some people, she added. In recent months, the federal minimum wage has been a hot-button issue. In February, President Barack Obama boosted the minimum pay for federal contractors hired in the future to $10.10 per hour. He´s also voiced his support for the federal level for all workers to rise to $10.10 from
  • Gold falls on Yellen’s assessment of economy

    05/07/2014 1:08:09 PM PDT · by Olog-hai · 30 replies
    Associated Press ^ | May 7, 2014 3:37 PM EDT
    Gold is falling after Federal Reserve Chair Janet Yellen gave an upbeat assessment of the U.S. economy and said that inflation remains low. […] Yellen’s comments suggest that the Federal Reserve is set to continue reducing its economic stimulus, lessening the threat of rising prices. Investors typically buy gold as a hedge against inflation. …
  • Fed shows faith in US economy

    04/30/2014 8:20:47 PM PDT · by Rabin · 11 replies
    Bueno Asarii Herald ^ | April 30, 2014 | USFR press release
    The Federal Reserve look, dismal quarterly US "growth" and gave a mostly upbeat assessment Recent information "indicates that growth in economic activity has picked up ... "What the Fed is saying",ignore this first quarter number (AS) government reported that the economy grew at only a 0.1 percent annual "rate in a quarter", ... other recent data that has suggested activity is "bouncing" back. she said the nation may be more than two years away from what the Fed views as the new normal unemployment rate" of between 9 percent and 14 percent.
  • A fading middle-class perk: lower mortgage rates

    04/25/2014 9:25:04 AM PDT · by Olog-hai · 21 replies
    Associated Press ^ | Apr 25, 2014 12:06 PM EDT | Josh Boak
    For three decades, the U.S. middle class enjoyed a rare financial advantage over the wealthy: lower mortgage rates. Now, even that perk is fading away. Most ordinary homebuyers are paying the same or higher rates than the fortunate few who can afford much more. Rates for a conventional 30-year fixed mortgage are averaging 4.48 percent, according to Bankrate. For “jumbo” mortgages—those above $417,000 in much of the country—the average is 4.47 percent. …
  • Yellen signals more aggressive stance toward banks

    04/15/2014 1:03:06 PM PDT · by Olog-hai · 16 replies
    Associated Press ^ | Apr. 15, 2014 2:53 PM EDT | Martin Crutsinger
    The Federal Reserve may be about to turn more aggressive in its regulation of the financial system. Fed Chair Janet Yellen suggested Tuesday that current regulatory rules might not be enough to prevent the kind of risk-taking that triggered the 2008 financial crisis and nearly toppled the entire banking system. She said the largest U.S. banks may need to hold additional capital to withstand periods of financial stress. Non-banks with deep reaches into the financial system might also need to meet tougher rules, she said. Such firms range from money market mutual funds to private equity and hedge funds. …
  • Yellen: Economy Still Needs Extraordinary Support

    03/31/2014 4:40:22 PM PDT · by mykroar · 22 replies ^ | 3/31/2014 | Dunstan Prial
    Janet Yellen REUTERS The monetary policies crafted and initiated by the Federal Reserve are intended to help Main Street rather than Wall Street, Fed Chair Janet Yellen told an audience of grassroots community organizers in Chicago on Monday. In an address that employed a handful of devices reminiscent of a political speech, Yellen made her case for a dovish approach toward raising interest rates. Yellen singled out the plights of several individuals – who she named and whose situations she described in detail – to illustrate labor markets are healing slowly and prolonged accommodative policy is needed to ensure labor...
  • Stocks slump on Janet Yellen's rate hike remark

    03/19/2014 2:39:18 PM PDT · by SeekAndFind · 12 replies
    CNN Money ^ | 03/19/2014
    Investors weren't too thrilled by what they heard from Janet Yellen during her first meeting in charge of the Fed. The Dow fell more than 100 points, while the S&P 500 and Nasdaq also finished lower. Stocks were relatively stable as Yellen started her press conference. But the Dow fell as many as 180 points before recovering after she said the Fed's stimulus program would most likely be finished by the fall and that a rate hike could come as soon as early 2015. Prior to the press conference, the Fed said it will continue trimming, or tapering, its monthly...
  • Three Positive Signs from the New Chair of the Federal Reserve

    03/01/2014 11:10:47 AM PST · by Kaslin · 5 replies ^ | March 1, 2014 | Daniel J. Mitchell
    Like John Stossel and Thomas Sowell, I’m not a big fan of the Federal Reserve. It’s not just that I’m a libertarian who fantasizes about the denationalization of money. I also think the Fed hasn’t done a good job, even by its own metrics. There’s very little doubt, for instance, that easy-money policies last decade played a major role in creating the housing bubble and causing the financial crisis. Yes, Fannie Mae and Freddie Mac played a big role, but it was the Fed that provided the excess liquidity that the GSEs used to subsidize the subprime lending orgy. But...
  • Fed Doesn't Have Authority to Regulate Bitcoin, Yellen Says

    02/27/2014 5:05:15 PM PST · by 2ndDivisionVet · 16 replies
    National Journal ^ | February 27, 2013 | Catherine Hollander
    The Federal Reserve Board doesn't have the authority to regulate bitcoin, Fed Chair Janet Yellen said Thursday. "To the best of my knowledge, there's no intersection at all in any way between bitcoin and banks the Federal Reserve has the ability to supervise or regulate," Yellen told members of the Senate Banking Committee. "The Federal Reserve simply does not have authority to supervise or regulate bitcoin in any way." Yellen was responding to questioning from Sen. Joe Manchin, D-W.Va., who sent the Fed and other banking regulators a letter on Wednesday calling on them to ban—or at least curb—the decentralized,...
  • Fed officials wanted more power over Wall St during 2008 crisis (shocking!/s)

    02/22/2014 3:53:45 AM PST · by Red in Blue PA · 9 replies
    WASHINGTON (Reuters) - U.S. central bankers thought they should get more regulatory powers in return for providing cheap cash to Wall Street banks during the 2008 credit crisis, according to Federal Reserve transcripts released on Friday. Powerful investment banks such as Goldman Sachs (NYS:GS - News) and Morgan Stanley (NYS:MS - News) had access to a raft of measures to prop up markets during the 2008 credit meltdown, but the Federal Reserve had little say over them. "I am just a little worried about being taken advantage of here," Richard Fisher, head of the Federal Reserve Bank of Dallas, said...
  • Yellen Echoes Bernanke In First Congressional Testimony As Fed Chair

    02/11/2014 10:21:25 AM PST · by Rodamala · 6 replies
    Forbes ^ | Tuesday 2/11/2014 11:45AM | Samantha Sharf
    In her first testimony before Congress as Federal Reserve Chair Janet Yellen pledged to continue on the path set by her predecessor Ben Bernanke. “His leadership helped make our economy and financial system stronger and ensured that the Federal Reserve is transparent and accountable,” said Yellen in a remarks delivered before the House Committee of Financial Services Tuesday morning.Speaking about the economic recovery, monetary policy and the financial systems Yellen expressed optimism about developments in recent months, but also made it clear work must be done to meet the Federal Open Market Committee’s objectives for the economy.In a note following...
  • Obama: Yellen a ‘fierce champion’ for Americans

    01/06/2014 5:00:07 PM PST · by Olog-hai · 26 replies
    Associated Press ^ | Jan 6, 2014 6:49 PM EST
    President Barack Obama is hailing the confirmation of Janet Yellen as chair of the Federal Reserve. He says she will be a “fierce champion” for the American people. The Senate on Monday voted 56-26 to confirm her, with several senators absent due to flight delays. …
  • Fed's Plosser at odds with policy approach favored by Yellen

    01/05/2014 4:15:54 PM PST · by BenLurkin
    cnbc ^ | Saturday, 4 Jan 2014 | 5:00 PM ET | Jonathan Spicer
    "Measures that arbitrarily, or by assumption, assign the bulk of fluctuation in GDP to purely temporary factors may provide poor policy guidance when shocks are more permanent in nature," he said in prepared remarks to the Korea-America Economic Association. ... While gross domestic product growth rose above 4 percent in the third quarter, it has generally stayed closer to 2 percent since the recession ended in 2009, causing some to think that longer-term potential GDP growth is no longer the 3-percent rate to which Americans are accustomed. If that is the case, the Fed's ultra easy policy stance - including...
  • Deceleration Nation: Declining Real Income, Homeownership, Labor Force Participation And Velocity

    12/02/2013 5:08:38 PM PST · by whitedog57 · 10 replies
    Confounded Interest ^ | 12/02/2013 | Anthony B. Sanders
    Several economic indicators for the US show deceleration. Yet the stock market and house prices continue to grow. Here is a chart of three economic indicators with clear downward momentum: civilian labor force participation (blue), the US homeownership rate (red) and real median household income (green). homessss And Goldman Sachs just downgraded Q4 2013 real GDP growth to 1.3%. These downward indicators compliment the declining M1 Money Multiplier and M2 Money Velocity. m1m2vel120213 Why? There are enormous excess reserves in the Fed system that aren’t leaking out to Main Street. And The Fed’s Balance sheet has exploded! (in terms of...
  • Janet Yellen And The Fed Caught In a Bear (Liquidity) Trap And Why Interest Rates Will Remain Low

    11/24/2013 10:04:06 AM PST · by whitedog57 · 30 replies
    Confounded Interest ^ | 11/24/2013 | Anthony B. Sanders
    The recent confusion from The Fed over the future of quantitative easing (or money printing) can be addressed with a few charts. Here is a chart of real GDP growth PER CAPITA since 1960. Real, of course, indicates that it is Gross Domestic Product adjusted for inflation. Note that Q1 1984 was the peak of real GDP growth … and it has been a steady decline since then. realgdppercap I added the S&P 500 index to the real GDP per capita chart and you can see that the S&P 500 index spikes when real GDP growth is higher than average...
  • Senate Panel Green Lights Janet Yellen for Fed Chief

    11/24/2013 8:32:28 AM PST · by Son House · 11 replies
    Fox News ^ | Nov 21, 2013 | Matt Egan
    Yellen currently serves as vice chairman of the Fed and as a reliable dove would represent continuity with Bernanke. She has consistently supported Bernanke’s easy-money policies and even seems open to more aggressive moves to fight stubbornly-high unemployment. "I consider it imperative that we do what we can to promote a very strong recovery," Yellen said during her confirmation hearing. Yet Senate Majority Leader Harry Reid announced plans on Thursday to enact the so-called "nuclear option," which would change Senate rules to allow him to approve certain motions with a simple majority rather than 60 votes. Yellen, who was among...
  • Yellen Approved By Senate Banking Panel, Philly Fed Index Plunges To 6.5

    11/21/2013 8:31:15 AM PST · by whitedog57 · 7 replies
    Confounded Interest ^ | 11/21/2013 | Anthony B. Sanders
    Janet Yellen has been approved as Federal Reserve Chair by the US Senate Banking Panel. And the Philadelphia Fed Index plunged to 6.5 in November from 19.8 in October. Economists were expecting a read of 15. Philly Fed Nov More troubling in the Philadelphia Fed report is the decline in average employee workweek. Philly Fed Details Oct Of course, Janet Yellen being approved by the Senate Banking Panel has nothing to do with the Philly Fed Index plunge. Or does it? Yellen has been on the Bernanke QE team and we know that it has not been successful restoring life...
  • The Fed's Forward (Mis)Guidance - Muddy Water Clarity On QE

    11/20/2013 6:03:26 PM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 11/20/2013 | Anthony B. Sanders
    The Federal Reserve released the minutes of the most recent meeting today. The prognosis? Clear as a muddied lake. As clear as smog-covered sky of a thermal inversion summer. In other words, total confusion. The Federal Reserve of Chicago’s Charles Evan tweeted yesterday his opinion: #CharlesLEvans our purchases will continue to be open ended. We may need to purchase 1.5 trillion in assets until January 2015. Now for the minutes and the possibility of a taper: “During this general discussion of policy strategy and tactics, participants reviewed issues specific to the Committee’s asset purchase program. They generally expected that the...
  • Yellen Strikes Out

    11/16/2013 8:37:31 AM PST · by george76 · 11 replies
    The New York Sun ^ | November 14, 2013
    Vice Chairman Yellen’s testimony before the Senate this morning moves us to oppose her confirmation to succeed Chairman Bernanke at the Federal Reserve. We don’t mind saying it’s an odd position for us, since we have great regard for her capacity as a forecaster, her character, and her comportment. She displays none of condescension that Mr. Bernanke so often allowed to show (we once expressed surprise that he wasn’t held in contempt). What transports us into the opposition is Mrs. Yellen’s truculence on the issue of auditing the Fed. ... Senator Vitter .. speaks for a faction in the upper...
  • Yellen against Rand Paul’s ‘Audit the Fed’ bill

    11/14/2013 9:37:13 AM PST · by markomalley · 10 replies
    The Daily Caller ^ | 11-14-2013 | Alex Pappas
    President Obama’s nominee to become chairman of the Federal Reserve came out against Kentucky Sen. Rand Paul’s “Audit the Fed” legislation on Thursday. Asked by Republican Sen. David Vitter about the proposal, Yellen said she “strongly” supports “transparency and openness on the part of the Fed” but does not support any proposal that would “diminish” its independence. “I would be very concerned about legislation that would subject the Federal Reserve to short-term political pressures that could interfere with that independence,” she said. Yellen, the vice chairman of the Federal Reserve Board of Governors, made the comments during her confirmation hearing...
  • Fed Chair Nominee Janet Yellen Sings "Tiny Bubbles" To Senate, Gold Rises 1.25%

    11/14/2013 9:28:01 AM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 11/14/2013 | Anthony B. Sanders
    Federal Reserve Chair nominee Janet Yellen sang Do Ho’s classic tune “Tiny Bubbles” in the US Senate confirmation hearing. Yellen claims that there is no bubble in asset markets. Apparently, The Fed is unconcerned about the blistering house price increases compared to real median household income. realmedincomcase One reaction in the markets on Yellen’s statement was a rise in gold prices of 1.25%. goldkitco Senator Chuck Schumer asked Yellen about income disparity in the US. She replied that it has grown since the 1980s. {Note to Yellen: the GINI coefficent has been rising since the 1960s. Nice try at blaming...
  • Is Janet Yellen Really Larry The Cable Guy? "Git 'er Done!" (Wants MORE QE)

    11/14/2013 6:28:12 AM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 11/14/2013 | Anthony B. Sanders
    Janet Yellen, nominated to be the next chairman of the Federal Reserve, signaled she will carry on The Federal Reserve’s unprecedented stimulus until she sees improvement in an economy that’s operating well below potential. Here is her prepared statement. “A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. Supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.” “Unemployment is still too high, reflecting a labor market and economy performing far short of their potential.” Of course, unemployment...
  • Insight: Yellen Feared Housing Bust But Did Not Raise Public Alarm

    11/02/2013 8:20:16 AM PDT · by Son House · 4 replies
    Reyters ^ | Oct 30, 2013 | Marilyn W. Thompson, Ann Saphir and Alister Bull
    In 2004, the new president told risk managers in San Francisco that closer supervision had "made our financial system far more resilient to shocks." In Phoenix that year, she reported "more positive signs in the economy." She flagged real estate as a concern in March 2005, telling a banking group in Hawaii that her staff was examining commercial lending and was concerned about the "easing of credit standards and terms on loans" for home mortgages. But Yellen ended optimistically, concluding that "we don't think widespread problems are likely" and that "industry conditions in many respects are stronger now than they've...
  • US Dollar Hits 8-1/2-month Low (But Nothing Next To 2002-2008 Dollar Collapse)

    10/19/2013 8:20:27 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 10/19/2013 | Anthony B. Sanders
    The US dollar hit 8-1/2-month low on worries about U.S. economy, the headline blares. usdeur101913 True, but the USDEUR rate took its biggest beating during the 2002-2008 period. But since the latter half of 2008, the dollar has been floating around in a relatively narrow band (although it seems larger on a day-to-day basis). bfmB3 And if we look at a longer term pictures of the US dollar spot rate (DXY), we see the Reagan economic recovery and asset bubble and then the Clinton/Bush economic recovery and asset bubble. dxy1960s But the asset bubble that followed the Clinton economic growth...
  • Janet Yellen Exposed - The Truth Behind The Myth

    10/17/2013 8:49:00 PM PDT · by Nachum · 14 replies
    Zero Hedge ^ | 10/17/13 | Tyler Durdin
    When President Obama nominated Janet Yellen to be the next Chair of the Federal Reserve Board the praise he offered was similar to what had already poured in from around the country. In their assessments of Ms. Yellen's long career, Congressman, editors, and academics have underscored how her prescience and caution distinguish her from the reckless overconfidence that have plagued her male colleagues at the Federal Reserve. As proof of her wisdom supporters have pointed to speeches she delivered in 2005 and 2006 in which she supposedly issued clear warnings about the dangers then building in the frothy real estate...
  • Sowell: A Return to Keynes?

    10/14/2013 10:11:16 AM PDT · by jazusamo · 22 replies
    Creators Syndicate ^ | October 15, 2013 | Thomas Sowell
    The nomination of Janet Yellen to become head of the Federal Reserve System has set off a flurry of media stories. Since she will be the first woman to occupy that position, we can only hope that this will not mean that any criticism of what she does will be attributed to sex bias or to a "war on women." The Federal Reserve has become such a major player in the American economy that it needs far more scrutiny and criticism than it has received, regardless of who heads it. Ms. Yellen, a former professor of economics at Berkeley, has...
  • The Fed Is in Desperate Need of Change - Sadly Janet Yellen Won’t Be It

    10/13/2013 9:37:19 AM PDT · by Kaslin · 3 replies ^ | October 13, 2013 | Mark Calabria
    President Obama has now officially announced his intention to nominate Janet Yellen, current vice chair of the Federal Reserve, to succeed current chair Ben Bernanke. And while Yellen is likely to receive a frosty reception from Republicans, she has a very good chance of garnering the necessary 60 votes needed to achieve Senate confirmation. She will of course break new ground as the first female head of the Fed, but will also sadly represent a continuation of the Fed’s current policies and long history of repeated failures. If you’ve made a fortune riding the various Fed-induced asset bubbles, Yellen...
  • Is Janet Yellen A Dove? Real Median Household Income Continues Declining Despite Fed

    10/10/2013 1:30:32 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 10/10/2013 | Anthony B. Sanders
    The stock market has rallied significantly since President Obama nominated Janet Yellen to replace Ben Bernanke as Federal Reserve Board of Governors Chair. Yellen is committed to both sides of The Fed’s dual mandate of bolstering employment while keeping inflation in check. But the equity markets like Yellen’s record as a dove meaning looser monetary policy and a possible delay in any tapering. djia1010 Alternatively, the market could be responding to a possible debt ceiling stall by House Republicans that President Obama approve of. But Yellen’s record as a dove (she was the architect of quantitative easing) is greeted with...
  • Yellen hints at boosting inflation to create jobs (Obama's Federal Reserve chairwoman nominee)

    10/09/2013 3:13:15 PM PDT · by 2ndDivisionVet · 81 replies
    The Daily Caller ^ | October 9, 2013 | Tim Cavanaugh, executive editor
    Federal Reserve chair nominee Janet Yellen Wednesday suggested that she will put a renewed emphasis on “jobs” in her role as Chairwoman of the U.S. Federal Reserve Bank. President Obama nominated Yellen, a vice chairwoman of the Board of Governors of the Federal Reserve System and former president and CEO of the Federal Reserve Bank of San Francisco, to run the U.S. central bank Wednesday. If confirmed by the Senate, Yellen will become the first woman to run the Fed in its hundred-year history. Yellen is expected to accelerate the devaluation of the dollar by continuing or even expanding the...
  • Entitlement Nation: Even Housing Is Now An Entitlement (Corker-Warner NOT Reform)

    10/09/2013 8:23:36 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 10/09/2013 | Anthony B. Sanders
    As former Reagan adviser David Stockman said about Obamacare, “It is a massive entitlement to end all entitlements.” But housing is an entitlement as well. Last week, no less than 63 members of the House and 13 Senators wrote to Financial Housing Finance Administration chief Ed Demarco demanding that he not lower the maximum loan limit for mortgages guaranteed by Fannie Mae and Freddie Mac. In earlier correspondence to DeMarco, first reported by National Mortgage News, National Association of Realtors (NAR) President Gary Thomas questioned the legality of FHFA reducing the loan limits at this time. “Our nation’s housing market...
  • Rejoice: the Yellen Fed will print money forever to create jobs

    10/09/2013 5:41:28 AM PDT · by Biggirl · 19 replies
    The Telegraph ^ | October 9, 2013 | Ambrose Evans-Pritchard
    We now know where we stand. Janet Yellen is to take over the US Federal Reserve, the world's monetary hegemon, the master of all our lives.
  • Super Premium Treasuries and Janet Yellen

    10/08/2013 6:39:44 PM PDT · by whitedog57 · 8 replies
    Confounded Interest ^ | 10/08/2013 | Anthony B. Sanders
    Here is an interesting idea from UBS interest rate strategists Mike Schumacher and Boris Rjavinski. It is called “super premium Treasuries.” Here is how it works. 1. The U.S. government takes in $277 billion in tax revenues each month, and spends $452 billion each month, for a monthly deficit of around $175 billion. 2. It also has, on average, call it $100 billion of Treasury notes coming due each month. Instead of just rolling those Treasuries — paying them off at 100 cents on the dollar by issuing new Treasuries at 100 cents on the dollar — it should pay...
  • Janet Yellen to be named Fed chair on Wednesday: White House

    10/08/2013 5:20:01 PM PDT · by Nachum · 35 replies ^ | 10/8/13
    After months of speculation, it's official: Janet Yellen will be the next chair of the Federal Reserve, succeeding Ben Bernanke, the White House said late Tuesday. President Obama will make the announcement on Wednesday at 3pm ET, the White House said. Both Janet Yellen and current Fed chair Ben Bernanke are expected to attend. That announcement will be right after the Fed releases the minutes from its last meeting, due out at 2pm ET.
  • Does Janet Yellen Know What a Bubble Looks Like?

    09/30/2013 11:52:41 AM PDT · by Kaslin · 9 replies ^ | September 30, 2013 | Mark Calabria
    With Larry Summers withdrawing from the race for Federal Reserve chair, current Fed vice chair Janet Yellen has pulled into the lead to become Ben Bernanke’s replacement. Previous to her current appointment, Yellen served as president of the San Francisco Federal Reserve Bank The SF Fed’s district includes three of the worst states in the housing crisis – California, Arizona and Nevada. I think its fair to say that without the housing boom and bust in these states we wouldn’t have had a mortgage crisis. Given that Yellen was the top banking regulator for this geography, one has to wonder...
  • Janet Yellen And The Weak Money Parade (Money Multiplier And Velocity At All-time Lows)

    09/21/2013 9:06:10 AM PDT · by whitedog57 · 15 replies
    Confounded Interest ^ | 09/21/2013 | Anthony B. Sanders
    Poor Larry Summers. He withdrew his candidacy as the Federal Reserve Board Chairman over fears of a brutal Senate confirmation hearing. Now we are left with former University of California labor economist Janet Yellen as the leading candidate. Yellen was (allegedly) the architect of the quantitative easing programs to reduce unemployment (better known as the weak money rally). And Yellen is the darling of the labor unions because of her activist policies on labor. “The philosophy of Janet Yellen is activism of government policy to achieve objectives,” said Allen Sinai, president of Decision Economics Inc. Oh great. We have activist...
  • White House Launches Janet Yellen Blitz PR Campaign

    09/21/2013 8:29:38 AM PDT · by Errant · 8 replies
    Zero Hedge ^ | 21 September, 2013 | Tyler Durden
    There was a time, long ago, when some still believed the myth that the Federal Reserve, and the selection of its Chairman, were supposed to be apolitical and impartial. Luckily, that was a long time ago, because otherwise some may question not only the logic, but the motives, behind what the media reports is an aggressive push by White House officials to "muster support among Democrats on the Senate Banking Committee to back Federal Reserve Vice Chair Janet Yellen," according to Reuters which cited three sources said on Friday, laying the groundwork for her expected nomination to the Fed's top...
  • Fed Lowers GDP Growth and Investors Celebrate! Dow Rises 147 Points (Government Cronies Win)

    09/18/2013 11:22:27 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 09/18/2013 | Anthony B. Sanders
    The Federal Reserve Open Market Committee released its update to QE: no change. The market was expecting $5 billion to be cuts from Treasury purchases, but nada. fedannouince The Federal Reserve unexpectedly refrained from reducing the $85 billion pace of monthly bond buying, saying it needs to see more evidence of improvement in the economy. “The Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases,” the Federal Open Market Committee said today at the conclusion of a two-day meeting in Washington. While “downside risks” to the outlook have diminished, “the tightening...
  • Summers Pull Out, Markets Rally On Weaker Than Expected Economic News (UST Yield Down 10 BPs)

    09/16/2013 7:14:30 AM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 09/17/2013 | Anthony B. Sanders
    Larry Summers pulled out of his candidacy for Federal Reserve Chairman, leaving Janet Yellen (a dovish UC Berkeley economics professor) as the leading candidate. A Yellen appointment as Fed Chair means MORE printing and Quantitative Easing. Particularly since the economic news points to a moribund economic recovery. New York’s Empire Manufacturing Index printed at 6.29, less than the expectation of 9.10. Industrial production rose 0.4%, also less than the expectation of 0.5%. Capacity utilization rose to 77.8%, but still can’t break the magical 80% barrier. beco091613A The reaction to Summers’ pull out and the likely about of a Berkeley dove...
  • Inside Job: Obama To Nominate Summers As Fed Chair, Despite NO Federal Reserve Experience

    09/13/2013 3:55:35 AM PDT · by whitedog57 · 6 replies
    Confounded Interest ^ | 09/13/2013 | Anthony B. Sanders
    Japan’s Nikkei is reporting that President Obama is going to nominate Administration insider Lawrence Summers as Federal Reserve Chairman. Summers would replace current Chair Ben Bernanke. This nomination is in spite of the total lack of experience of Summmers in the Federal Reserve system. What experience does Summers have? 1. He was on the staff of the Council of Economic Advisers under President Reagan in 1982–1983. 2. Summers served as an economic adviser to the Dukakis Presidential campaign in 1988 which ended in disaster. dukakis 3. He served as Chief Economist for the World Bank until 1993. 4. He served...
  • Obama’s Choice: Summers or Yellen? (Yield Curve Higher Than When QE Started)

    07/26/2013 4:58:02 PM PDT · by whitedog57 · 9 replies
    Confounded Interest ^ | 07/26/2013 | Anthony B. Sanders
    Federal Reserve Chairman Ben Bernanke may be stepping down when his term expires in January. If that happens, President Obama gets to nominate his successor. The leading candidates are Fed Vice Chair Janet Yellen and former Treasury Secretary Larry Summers. Both Yellen and Summers are from elite, liberal universities (University of California at Berkeley and Harvard University, respectively). Both are similar to Bernanke in terms of policies. Yellen is quiet and Summers is … well, Summers – quite opinionated. It is doubtful that other respected candidates like Jeff Lacker at the Richmond Fed or Thomas M. Hoenig from the Kansas...
  • WRAPUP 3-Yellen argues for more Fed easing amid Europe risk (of course!)

    06/07/2012 7:34:34 AM PDT · by TigerLikesRooster · 2 replies
    Reuters ^ | 06/07/12 | Ros Krasny
    WRAPUP 3-Yellen argues for more Fed easing amid Europe risk Thu Jun 7, 2012 7:56am IST By Ros Krasny (Reuters) - The Federal Reserve's second-highest official on Wednesday laid out the case for the U.S. central bank to provide more support to a fragile economy as financial turmoil in Europe mounts. Janet Yellen, the vice chair of the Fed, cited risks from ongoing housing problems, a weak jobs market and worsening financial conditions in a speech in Boston. Her views carry great weight with Fed Chairman Ben Bernanke, and her comments suggest that the Fed may be close to easing...