Tagged: Yellen

Yellen the hawk

The Fed economic projections were dovish, with inflation forecasts for next year slashed, while the median dot fell for the first time since they were introduced:

2015 1.3 from 1.75
2016 1.85 unch
2017 1.9 from 1.95

2015  5.25 from 5.5
2016  5.1 from 5.25
2017  5.1 unch

GDP unch

2015 median has come down by 25bp
2016 down by 37.5bp
2017 down by 12.5bp

The statement added in the word “patient” while also retaining “considerable time” (!) – they really didn’t want to frighten the horses:

‘Based on its current assessment,

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Stanley Fischer speaks


  • The labour market still looks weak
  • The housing market is still vulnerable to higher rates
  • So the US may be facing a ‘secular slowdown’

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Schizophrenic #FOMC

How to reconcile these two recent comments from Janet Yellen?

‘Because a resilient financial system can withstand unexpected developments, identification of bubbles is less critical.’ (2 July)

While prices of real estate,

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