In a long anticipated NY speech today, Fed Chair Janet Yellen did all but scream "Buy." Sorry - others can provide links if they want. I listened on Bloomberg and noticed the DJI went from a 50 point deficit to a 50 point gain as of 1:00 PM. Gold jumped about $15, but has since retreated slightly. Losses in oil and commodities eased (at first anyway), though oil remained off sharply for the day. Yellen seemed to be countering other Fed governors who in recent days have sounded much more hawkish.
Noteworthy in her speech was repeated mention of the slump in oil prices earlier in the year (under $30 at one point) and the negative impact this is having on jobs and inflation expectations in the U.S. I can't recall such an explicit reference to oil prices in past Fed pronouncements. Also, she made references to the damage the very strong dollar has had on global economies. (She chose to make a more nuanced reference to the sharp depreciation of many world curriencies.)
In a nutshell, it doesn't sound like they are going to rock the boat with a series of "crazy" rate hikes anytime soon. We shall see.
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Regards,
Ted
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