Dow Closes At Record High – So Does Central Banker Confusion

So yeah, another day, another largely fruitless effort to figure out what exactly the message is from DM central bankers. Yellen was, well, Yellen, and her second day on Capitol Hill brought little in the way of surprises although there was this: It is premature to conclude the underlying inflation trend is falling well short of 2 percent. I haven’t reached that conclusion. That hit just after 10:10 EST, and it was immediately interpreted as an attempt to walk back yesterday's dovishness. As