Is returning to a moderate pace. She said the fed needed to verify the expected acceleration in growth and now she isnt acknowledging that may not happen at all. Important change in language and important shift in tone for the fed and for janet yellen. The speech that she is about to couple contains a little of bombshells that help explain why. First, janet yellen now admits that Larry Summers and other prominent ecommerc economist my crisisperi t a post period may be here to stay. Admits the he also Financial Market volatility that has made it so far for the fed hard for the fed to control the economy and to raise rates is partly a consequence of what she calls accommodated Monetary Policy. Low rates can be selfdefeating. They indirectly create a barrier to higher rates. Finally, i like to draw your attention to the Monetary Policy report itself. Specifically to the section on Financial Stability. The fed says, one, stocks are getting expensive on a forward pe basis. They have not adj
Addressing his departure on twitter this morning. And brexit polls from the uk cant seem to lock down which way thursday will go. And then theres George Sorros issuing a major warning against a departure, even David Beckham is weighing in. But first up in about an hour from now on capitol hill fed chair yellen will kick off two days of semiannual testimony on Monetary Policy and the economy. Today its before the Senate Banking committee which is expected to grill her on everything from rates to brexit. Of course well bring you live coverage once the fed chair begins her remarks followed by the q a session with lawmakers. Some discussion it might be more contentious than usual even with her recent comments in the meeting last week. On both sides a lot of people saying get it over with. Admit things are weak and what are you going to do about it. What is she going to do about it . Its not up to her. Look at germany last quarter very interesting what the finance minister say. Look, we had
Hearing with Federal Reserve chair Janet Yellen King underway momentarily. Yellen getting underway momentarily. [gavel strikes] today we received testimony from Federal Reserve chair janet yellen regarding the fed semiannual report on Monetary Policy. While Humphrey Hawkins testimony is a key part of congresss oversight of our nations centralbank, it is not sufficient to provide congress and the American Public with a full picture of said policymaking. Best of said policymaking. I have often remarked on the importance of strength the importance of transparency. One of the feds reasoning for maintaining independence is to avoid a little sizi avoid politicizing avoid politicizing its position. While the line between politics and policy can be fine, it should nonetheless be clear and unambiguous. The fed should act in a manner consistent with its statutory mandate in the interest of the stability of the u. S. Economy. Whether or not such policies aligned with the goals of congress or the
Scientists take a look at the black markets of cybercriminals. This sunday night on q a, david Kaye Johnston discusses the making of donald trump, which takes a look at the president ial nominee. I met donald. I immediately recognized, brian, he speaks barnum. He is selling tickets to the fiji mermaid and the amazing twoheaded woman. Because he was the dominant force in atlantic city, i started asking about him. And his competitors, including steve wynn and people who work for him and some big gamblers all said to me donald doesnt know anything about the casino business. Sunday night at 8 00 eastern and pacific on cspans q a. Now a Regional Federal Reserve Bank officials on efforts to further reduce unemployment, expand growth, and improve the economys overall health. This hearing of the House Financial Services subcommittee is about two hours. The committee will come to order. And without objection, the chair is authorized to declare a recess at any time in the committee im sorry, of
Mouth by hundreds of points . Im not sure most of them know what they are talking about. Say congress would purposely created a system with a large Monetary Policymaking committee where there would be a diversity of views so we did not groupthink type of mentality. Moment 17 at the members who come to the table with a range of views. You are comfortable where we are today . Ms. Yellen we have guidelines for communications because it is important to explain to the public what our policy is about. Can i see a copy of that guideline . Ms. Yellen the guideline says everyone shares a joint objective of explaining the committees decisions. They can explain their own views but should be explaining that they are not speaking for the committee, that they are speaking for themselves. You raise rates on december 16 by a quarter of a point. The markets closed, the s p 500 closed at 2073. Yesterday, closed at 1851. Feel responsible for this decline . The immediate market response and for a number o