Yields, Dollar Fall As Yellen Seen Timid
Yellen's prepared comments to be delivered later this morning on Capitol Hill are out.
Now, who's excited?!
This is always funny because there's so much build up and then, when the news actually hits, it suddenly dawns on everyone that we're talking about an old ass economist talking about rates and inflation in front of a bunch of lawmakers who don't understand or care about any of it.
Anyway, below are the highlights from the woman who will probably be replaced by a Goldman banker.
Do note
Another Goldilocks presentation. If Yellen wanted to let some air out of inflated asset prices; based on the markets reaction, she didn’t do a very good job. She could have said “Based on more than ample liquidity in the markets we expect to reduce our balance sheet sooner this year rather than later. Then again maybe she isn’t interested in the possible negative effects during her watch.