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Yellen promises to stay the course

  • “Let me emphasize that I expect a great deal of continuity in the Federal Open Market Committee’s approach to monetary policy,” says Janet Yellen in prepared congressional testimony, promising to hold short rates near zero "well past" the time when the headline unemployment rate falls below 6.5%.
  • She brushes aside recent jitters led by emerging markets , saying at this point they're not a substantial risk to the U.S. economic outlook and are not forcing any recalibration of Fed policy.
  • Not addressed in the prepared remarks (questioning to begin shortly after 10 ET) are the last two disappointing jobs reports.
  • As for "too-low" inflation - the PCE is running near 1% - Yellen expects some of the softness to be transitory and for the rate to move closer to the Fed's 2% target this year.
  • About flat before the remarks, the 10-year Treasury yield is higher by 3 basis points to 2.70%. Stock index futures remain higher by around 0..3%.
  • Treasury ETFs: TBT, TLT, TMV, SHY, IEF, TBF, PST, EDV, TTT, TMF, ZROZ, SBND, TLH, IEI, DLBS, TYO, DTYS, VGLT, UST, BIL, SHV, UBT, TBX, VGIT, TLO, VGSH, GSY, SCHO, DTYL, LBND, SCHR, TYD, ITE, TENZ, TYBS, DTUL, DTUS, SST, TUZ, FIVZ, DFVL, TBZ, DLBL, DFVS, TYNS
Comments (4)
  • WMARKW
    , contributor
    Comments (10260) | Send Message
     
    Lips moving = ?
    11 Feb, 09:08 AM Reply Like
  • User 509088
    , contributor
    Comments (941) | Send Message
     
    I hope if there's a link you'll post it. thx either way
    11 Feb, 09:59 AM Reply Like
  • fred1724
    , contributor
    Comments (63) | Send Message
     
    The gov't posted inflation is pure managed BS.
    11 Feb, 11:49 AM Reply Like
  • notta lackey
    , contributor
    Comments (131) | Send Message
     
    Why not let 83 gazillion transactions each day regulate monetary policy and fire this woman and her banker's cartel, the Federal Reserve?
    11 Feb, 12:33 PM Reply Like
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