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Keyword: yellen

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  • Record-low US Treasury yield points to rising economic fears

    07/05/2016 9:32:54 PM PDT · by Olog-hai · 6 replies
    Associated Press ^ | Jul. 6, 2016 12:24 AM EDT | Josh Boak
    Fear and uncertainty about the global economy are leading investors to embrace the relative safety of U.S. government debt and slashing yields to record lows. Interest paid on the 10-year Treasury note reached 1.38 percent late Tuesday, just below the previous record set in 2012. Historically, when concerns have flared about a potential recession, investors have shifted money into havens such as U.S. Treasurys and sent yields falling. The market’s signal this time seems somewhat hazier than usual, and there's far from any consensus among economists that a recession is approaching. As recently as the start of June, the yield...
  • Yellen Offers Subtle Change To Inflation, Job Market Outlook [ECON NOT SO HOT AFTER ALL...]

    06/22/2016 3:44:59 AM PDT · by expat_panama · 15 replies
    Investors Business Daily ^ | June 22, 2016 | BLOOMBERG NEWS
    By offering a subtle change to her outlook from less than a week ago, Federal Reserve Chair Janet Yellen pushed the prospect of additional interest rate increases further into the future. The head of the central bank said she and her colleagues were on watch for whether, rather than when, the U.S. economy would show clear signs of improvement, acknowledging the possibility that growth would be slow to pick up. "Proceeding cautiously in raising the federal funds rate will allow us to keep the monetary support to economic growth in place while we assess whether growth is returning to a...
  • Is Janet Yellen in the hot seat after poor jobs report?

    06/07/2016 4:48:19 AM PDT · by expat_panama · 35 replies
    NY Post ^ | June 6, 2016 | John Crudele
    Federal Reserve Chair Janet Yellen made her usual bipolar remarks yesterday in a speech: Last week’s employment report was disappointing... ...Yellen... ...sounded like a politician and basically said nothing. I’m now going to tell you how Yellen’s comments will sound ... YELLEN: “Good afternoon everyone. FYI, this is a freakin’ OMG moment for us at the Fed. President Trump is bustin’ our cajones, and I’m pretty sure it’s because the Fed is being run by a dame. “The economy? I bet you want to know what the economy is doing. I could tell you this and tell you that. But...
  • Obama 'pleased' with Fed's Yellen: White House

    04/11/2016 2:45:20 PM PDT · by Cheerio · 5 replies
    Yahoo News ^ | April 11, 2016 | Reuters
    WASHINGTON (Reuters) - U.S. President Barack Obama is happy with the job done by Federal Reserve Chair Janet Yellen, with whom he is meeting on Monday to discuss regulatory issues and world economy, the White House said. "The president has been pleased with the way she has fulfilled what is a critically important job," White House spokesman Josh Earnest said at a news briefing.
  • Yellen (Almost) Admits: Fed Is World’s Central Bank [BLAMES REVERSAL ON WORLD]

    03/30/2016 4:01:24 AM PDT · by expat_panama · 35 replies
    Investors Business Daily ^ | March 30, 2016 | JED GRAHAM
    Federal Reserve Chairwoman Janet Yellen on Tuesday signaled that the U.S. central bank should worry less about inflation at home than about global growth risks, such as the slowdown in China and depressed commodity prices. Those risks, and the reality that the Fed has little conventional monetary policy ammunition to counteract a downturn, means that “caution is especially warranted” when it comes to raising interest rates, Yellen said at the New York Economic Club. The dovish tone of Yellen’s speech sparked a rally on Wall Street as financial markets pushed back the expected date of the next rate hike to...
  • Fed Rates Seen On Hold; But Yellen May Signal June Gloom

    03/16/2016 3:24:57 AM PDT · by expat_panama · 7 replies
    Investors Business Daily ^ | March 15, 2016 | ED CARSON
    The Federal Reserve is expected to keep interest rates unchanged at the end of its two-day policy meeting on Wednesday, but policymakers may signal fresh monetary action in the next few months, perhaps in June. The Fed will issue its policy statement at 2 p.m. ET, along with new economic forecasts. Fed Chairwoman will hold a news conference at 2:30 p.m. The central bank raised rates for the first time in nearly a decade in December. But financial market turmoil, perhaps partially fueled by that December move, along with weaker economic data spurred policymakers to hold off on further tightening...
  • Janet Yellen Is Right: Expansions Don't Die of Old Age

    03/03/2016 4:17:05 AM PST · by expat_panama · 8 replies
    Economic Policies ^ | 03/01/2016 | Caroline Baum
    "I think it's a myth that expansions die of old age… So the fact that this has been quite a long expansion doesn’t lead me to believe that… its days are numbered." - Janet Yellen, Dec. 16, 2015 "The trouble with thinking that expansions don't die of old age is that they do." - Robert Samuelson, Washington Post, Feb. 21, 2016 Who's right? Washington Post columnist Robert Samuelson, claiming that Janet Yellen is wrong about the probable cause of death of an economic expansion, is taking on not just the Federal Reserve but most of the economic establishment. Much as...
  • Janet Yellen Risks Another Downturn

    02/22/2016 4:03:30 AM PST · by expat_panama · 23 replies
    Real Clear Markets ^ | February 22, 2016 | Peter Morici
    Washington policymakers - and their colleagues abroad - have pursued reckless and irresponsible economic policies. The chickens are coming home to roost, and the Federal Reserve could easily push America into another recession. Prior to the 2008 financial meltdown, governments in the United States, Europe and Japan piled up debt to finance social programs they could not afford, and encouraged private individuals to borrow too much against real estate. All this to maintain consumer spending and modest growth, when government regulators meddling in virtually every business and hiring decision curbed private investment. China, instead of implementing needed market reforms, artificially...
  • Federal Reserve Chair Yellen Grilled About Negative Interest Rates By Congress

    02/17/2016 9:41:33 AM PST · by SeekAndFind · 37 replies
    International Business Times ^ | 02/17/2016 | Owen Davis
    Federal Reserve Chairwoman Janet Yellen faced what may have seemed like an absurd line of questioning on Capitol Hill this week: Has the Fed considered negative interest rates? It's not a fantasy. At central banks around the world, negative benchmark interest rates have become the new normal, leading to some unusual paradoxes. In Denmark, instead of paying interest on their mortgages, many borrowers have been receiving payments from banks on their home loans. On the flip side, some Swiss bank customers have had to pay banks to keep cash in savings accounts. Yellen told Congress Thursday, following negative moves by central banks in Europe and elsewhere, the Fed has...
  • Yellen on negative rates: 'We wouldn't take those off the table' (Recession & pay fee to save money)

    02/11/2016 9:40:48 AM PST · by xzins · 122 replies
    CNBC ^ | 11 Feb 16 | Jeff Cox
    As recession fears mount in the U.S., Fed Chair Janet Yellen conceded there's a "chance" of a downturn ahead. Asked by Republican Sen. Bob Corker whether the monetary policy-making Federal Open Market Committee would consider going to negative interest rates, which would entail charging banks to store reserves at the Fed, Yellen left the door open. She repeated a statement she said Wednesday that the Fed had considered negative rates in 2010 but decided that wouldn't be the best course at that time. "We wouldn't take those off the table, but we have work to do to judge whether they...
  • Here Is The Exchange That Left A Stunned Janet Yellen Looking Like A Deer In Headlights

    02/10/2016 7:51:19 PM PST · by Nachum · 23 replies
    zero hedge ^ | 2/1016 | tyler durden
    For nearly one year, Wisconsin Rep. Sean Duffy has been Janet Yellen's nemesis over the ongoing probe into Fed leakage of material inside information via Medley Global and any other undisclosed channels, one which has seen subpoeans be lobbed at the Fed which has been doing everything in its power to stall said probe, and which cost Pedro da Costa his job when he dared to ask questions at a Fed presser that were not precleared by his WSJ "Fed mouthpiece" peers. Today, during Yellen's appearance before the House Financial Services committee, Duffy finally had enough, and in a heated...
  • Yellen, You Have A Problem: The "Rate Hike Corridor" Just Broke (rate hike down 50%)

    01/01/2016 8:40:22 AM PST · by GilGil · 67 replies
    ZeroHedge ^ | 12/31/2015 | Tyler Durden
    ... the Fed Funds rate just tumbled to 0.12%, far below the required 0.25% floor set by the Fed, and down 23 bps from the effective 0.35% Fed Funds rate set yesterday, confirming that indeed the rate hike corridor can and has been breached at least once, and just two weeks into the Fed's rate hike experiment.
  • Yellen says research needed on unconventional policy tools

    11/12/2015 11:16:43 AM PST · by SaveFerris · 13 replies
    AP ^ | Nov 12, 10:38 AM EST | By MARTIN CRUTSINGER AP Economics Writer
    WASHINGTON (AP) -- Federal Reserve Chair Janet Yellen is stressing the need to review the unconventional monetary policies that central banks around the world deployed in response to the 2008 global financial crisis. She said Thursday that the post-crisis period offers policymakers an opportunity to assess the effectiveness of the tools and better understand the impact of new regulation. "Policymakers have to carefully weigh the advantages and disadvantages of alternative monetary implementation frameworks in the presence of new policy tools," Yellen said in remarks at a two-day research conference sponsored by the Fed. Policymakers should also be "mindful of new...
  • Fed’s Yellen sees possible December rate rise, gradual hiking path

    11/05/2015 6:52:02 AM PST · by Olog-hai · 6 replies
    Reuters ^ | Wed Nov 4, 2015 8:50pm EST | Howard Schneider and Jason Lange
    Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery. [...] Her remarks pushed bond yields higher and stocks lower. They also caused investors to reset their expectations of a December rate hike above 60 percent, a sign that markets are finally taking the Fed's language seriously after a period in which U.S. central bankers were frustrated by the gap between their own outlook and market bets about their likely course of action. ...
  • Video: Donald Trump on Yellen, Clinton, Sanders, and Taxes

    10/16/2015 3:28:43 PM PDT · by EveningStar · 10 replies
    Bloomberg | October 16, 2015 | Donald Trump and Stephanie Ruhle
    Link only per agreement with Bloomberg
  • Janet Yellen's "Favorite" Labor Indicator Tumbles: Job Openings Drop Most Since 2009

    10/16/2015 9:02:31 AM PDT · by SeekAndFind · 8 replies
    Zero Hedge ^ | 10/16/2015 | Tyler Durden
    One month ago, when the JOLTS data showed the highest number of job openings in history, rising by a near record 430,000 to 5.8 million vacant positions, most speculated that this data - considered to be Janet Yellen's favorite indicator of slack in the labor market now that the unemployment rate has become utterly unreliable due to the 94 million Americans out of the labor force - had sealed the fate of a September rate hike. It did not, as instead the Fed decided to shift to its 4th mandate (the 3rd being the stock market), namely the "global...
  • Clinton Foundation snubbed by the pope, Elton John, Janet Yellen

    09/26/2015 7:57:54 AM PDT · by PROCON · 24 replies
    politico ^ | Sep. 26, 2015 | Kenneth P. Vogel and Noah Weiland
    The Clinton Foundation invited everyone from Pope Francis and Leonardo DiCaprio to Bill de Blasio and Janet Yellen to its showcase gathering starting Saturday in New York City, according to multiple sources familiar with the planning. But those invitations were among the dozens turned down by all manner of celebrities, dignitaries and donors, according to the sources, who said the controversies swirling around the foundation and Hillary Clinton’s presidential campaign have made some bold-faced names and donors wary of the foundation. The glitzy Clinton Global Initiative gathering in New York, which has the lofty title “The Future of Impact,” was...
  • FEC Chair: Feds Must Help Americans Make ‘Thoughtful’ Contributions

    09/20/2015 9:37:22 AM PDT · by E. Pluribus Unum · 18 replies
    Washington Examiner ^ | 09/20/2015 | Rudy Takala
    "Yes, I believe American people are intelligent enough to make decisions," said FEC chairwoman Ann Ravel. The chairwoman of the federal agency responsible for overseeing the nation's campaign finance laws has suggested that federal authorities should help Americans to make "thoughtful" political contributions. The comment came during a Thursday meeting of the Federal Election Commission. The agency was considering whether to issue an advisory decision for an organization called "Democracy Rules" that created a game-like platform for making political contributions. According to the rules of the platform, participants vote for one of a few issues in a given category, like...
  • A divided Fed pits world's woes against domestic growth

    09/19/2015 7:52:22 PM PDT · by BenLurkin · 15 replies
    Rueters ^ | Sat Sep 19, 2015 6:40pm EDT | Howard Schneider and Jonathan Spicer
    Markets sold off sharply this summer over concerns about a slowdown in China and weak world growth, leaving Fed officials to vet whether that reflected a short-term correction or more fundamental problems on the horizon. "Financial markets tend to wax and wane, sometimes suddenly. Monetary policy needs to be more stable," said Bullard, who in prepared remarks here to the Community Bankers Association of Illinois said he did not think the Fed "provided a satisfactory answer" to why rates should stay near zero. The economy is near full employment, and inflation will almost certainly rise, Bullard said, leaving the Fed's...
  • Yellen Is Trapped in the Worst Nightmare Ever

    09/20/2015 4:30:14 AM PDT · by dontreadthis · 50 replies
    armstrong economics ^ | September 20, 2015 | Martin Armstrong
    Yellen has inherited a complete nightmare. Thursday’s decision to delay yet again the long-awaited liftoff from zero interest rates is illustrating that the world economy is totally screwed. There is a lot of speculation about why the Fed seems so reluctant to “normalize monetary policy”. There are of course the typical domestic issues that there is low inflation, weak wage gains in the face of strong job growth, a hike will increase the Federal deficit and then there is the argument that corporations that now have $12.5 trillion in debt. All that is nice, but with corporate debt, our clients...
  • U.S. stocks tumble as Fed sows fear and confusion

    09/18/2015 2:43:52 PM PDT · by John W · 13 replies
    marketwatch.com ^ | September 18, 2015 | Sue Chang
    U.S. stocks sank Friday, with the S&P 500 and the Dow Jones Industrial Average closing down for the week, as Federal Reserve’s decision to leave interest rates unchanged fueled fears about global economic growth. The central bank cited concerns about the global economy and a lack of inflation growth in its Thursday decision to leave interest rates unchanged. “Many are confused by the outcome of the recent Fed meeting,” said Kent Engelke, chief economic strategist at Capitol Securities Management. “Markets hate confusion and lack of clarity.” The S&P 500 skidded 32.16 points, or 1.6%, to close at 1,958.08 for a...
  • Janet Yellen: The Fed chair who cried wolf? (Does anyone think this woman is competent?)

    09/18/2015 3:22:43 PM PDT · by bestintxas · 19 replies
    Fortune ^ | 9/17/15 | Chris Matthews
    The market is calling the Fed’s bluff on raising interest rates. The Fed’s September meeting has come and gone, and interest rates remain at zero. The reasoning behind the Fed’s decision is sound. With emerging market economies in various states of disarray, global markets have responded by keeping energy prices low and the dollar strong. These forces have conspired to keep inflation here at home quite low. Federal Open Market Committee members’ median projection of inflation for 2015 is just 0.4%, well below it’s 2% target, which it has failed to reach for close to a decade.
  • Federal Reserve Interest Rate Decision: Janet Yellen, FOMC Leave Rates Unchanged

    09/17/2015 11:06:00 AM PDT · by tcrlaf · 44 replies
    IBT ^ | 9-16-2015 | Jessica Menton
    In one of the most widely anticipated Federal Reserve decisions in decades, the U.S. central bank left interest rates unchanged Thursday. The Fed's pronouncement to leave rates at historic lows—where they’ve been since roughly the start of the Great Recession in 2008—signals that the U.S. economy has yet to fully recover from the near collapse. Market professionals are now looking ahead to a press conference from Fed Chair Janet Yellen at 2:30 p.m. EDT, searching for further hints as to the timing of the Fed’s future course of rate hikes. “Uncertainty from the Fed has been the biggest issue,” Stephen...
  • U.S. Equity Futures Slip as Fed's Rate Decision Looms

    09/17/2015 5:37:33 AM PDT · by citizen · 62 replies
    Fox News Business ^ | September 17, 2015 | Victoria Craig
    Fed decision day: The event traders across the globe have anticipated for months has finally arrived. As of 8:00 a.m. ET, Dow Jones Industrial Average futures were 43 points lower, or 0.26% to 16621. S&P 500 futures shed 6 points, or 0.31% to 1982, while Nasdaq 100 futures slid 10 points, or 0.24% to 4370. Today’s Markets Months of speculation about whether September was the month in which the Federal Reserve would begin to lift short-term interest rates is finally coming to a close. The Federal Open Market Committee meets for the final day of its two-day policy-setting meeting, which...
  • 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 News.com ^ | 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
    Townhall.com ^ | 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
    FoxBusiness.com ^ | 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
    Townhall.com ^ | 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...