Post modem of YELLEN Speech... *YELLEN SAYS BENEFITS OF QE STILL EXCEED THE COSTS *YELLEN SAYS QE `CANNOT CONTINUE FOREVER *YELLEN DOESNT SEE ASSET BUBBLE IN HOUSING PRICES *YELLEN SAYS QE IS NOT AIMED AT HELPING TO FINANCE U.S. DEFICIT *YELLEN: NO ONE HAS A GOOD MODEL ON WHAT INFLUENCES GOLD PRICES She covered fiscal policy, regulation, gold, income inequality, and bubbles; but it was her admission late in the Q&A that real unemployment is around 10% that perhaps leaves the most room for moar... Full transcript and worldcloud to come... Dovish *YELLEN SAYS SHE WOULD BE STRONGLY COMMITTED TO PROMOTE RECOVERY *YELLEN SAYS JOBLESS RATE REMAINS HIGH *YELLEN SAYS LONG PERIODS OF UNEMPLOYMENT `PARTICULARLY PAINFUL *YELLEN SAYS BENEFITS OF QE STILL EXCEED THE COSTS *YELLEN: MUST NOT REMOVE SUPPORT WHILE RECOVERY IS `FRAGILE *YELLEN SAYS ITS IMPORTANT NOT TO REMOVE SUPPORT TOO SOON *YELLEN SAYS FOMC COMMITTED TO 2 PERCENT INFLATION GOAL *YELLEN SAYS LOWER MORTGAGE RATES KEY TO HELPING HOUSING RECOVER *YELLEN SEES `NO SET TIME FOR TAPERING QE *YELLEN SAYS WEAK DEMAND IS `A MAJOR DRAG ON ECONOMY *YELLEN SAYS FED DOESNT SEE BUILDUP OF FINANCIAL RISKS *YELLEN SEES LIMITED EVIDENCE OF `REACH FOR YIELD *YELLEN SAYS FED DOESNT SEE BROAD BUILD-UP OF LEVERAGE *YELLEN DOESNT SEE `MISALIGNMENTS IN ASSET PRICES *YELLEN SAYS BROADER UNEMPLOYMENT GAUGES HIGHER THAN 7.3 PERCENT *YELLEN SAYS POLICY AIMED TO `BROADLY BENEFIT ALL AMERICANS *YELLEN SAYS RECOVERY HAS BEEN `DISAPPOINTING *YELLEN WOULDNT SUPPORT ANY REDUCTION IN FED POLICY LEEWAY *YELLEN SAYS ECONOMY HAS SUFFERED A DRAG FROM FISCAL POLICY *YELLEN SAYS STIMULUS BOOST TO HOME PRICES `BROADLY BENEFICIAL *YELLEN: FED NEEDS TO TAKE INTO ACCOUNT POLICY IMPACT ON MARKETS *YELLEN SAYS NORMAL ECONOMY WILL RESTORE `NORMAL RATES *YELLEN SAYS FED WILL TRY TO MITIGATE INTEREST RATE RISK *YELLEN SAYS FISCAL POLICY HAS WORKED AGAINST MONETARY POLICY *YELLEN SAYS FED `WORRIED ABOUT A FRAGILE RECOVERY *YELLEN SAYS FED VERY FOCUSED ON ACHIEVING DUAL MANDATE *YELLEN SAYS FED INTENT ON AVOIDING DEFLATION *YELLEN SAYS FED MADE PROGRESS ON EMPLOYMENT, `NOT THERE YET *YELLEN DOESNT SEE ASSET BUBBLE IN HOUSING PRICES *YELLEN SAYS LOW INTEREST RATES WILL GET ECONOMY BACK TO NORMAL *YELLEN SAYS SAVERS HAVE BROADER ARRAY OF INTERESTS IN ECONOMY *YELLEN SAYS SHED LIKE TO SEE JOB MARKET RECOVER MORE RAPIDLY Hawkish *YELLEN SEEKS `SUBSTANTIAL IMPROVEMENT IN LABOR MARKET OUTLOOK *YELLEN SEEKS `STRONG AND ROBUST RECOVERY *YELLEN: FOMC HAS TOOLS TO REMOVE STIMULUS TO LIMIT INFLATION *YELLEN SEES `IMPROVEMENT IN THE LABOR MARKET *YELLEN SAYS QE `CANNOT CONTINUE FOREVER *YELLEN SAYS FED TAKES RISKS OF QE `VERY SERIOUSLY *YELLEN SAYS FOMC UNDERSTANDS RISKS THE LONGER QE CONTINUES *YELLEN SAYS `WE ARE EXPECTING CONTINUED PROGRESS GOING FORWARD *YELLEN SAYS FED NEEDS TO MONITOR POTENTIAL FINANCIAL RISKS *YELLEN SAYS FED LOOKS OUT FOR ANY POTENTIAL ASSET PRICE BUBBLES *YELLEN: MONETARY POLICY A `BLUNT TOOL AGAINST ASSET BUBBLES *YELLEN SAYS LOW RATES `CAN INDUCE RISKY BEHAVIOR *YELLEN WOULDNT RULE OUT MONETARY POLICY TO FIX MISALIGNMENTS *YELLEN: FED TO ENSURE BIG BANKS HOLD MORE, BETTER CAPITAL *YELLEN EXPECTS GROWTH RATE TO PICK UP *YELLEN SAYS SHE SUPPORTED AS MANY AS 27 MAIN RATE INCREASES *YELLEN SAYS FED HAS TOOLS TO AVERT EMERGENCE OF ASSET BUBBLE *YELLEN SAYS FED NEEDS TO WATCH INVESTMENT IN REAL ESTATE On QE *YELLEN SEES `DANGERS ON BOTH SIDES OF ENDING QE TOO EARLY *YELLEN SAYS QE HAS MADE `MEANINGFUL CONTRIBUTION TO GROWTH *YELLEN SAYS QE HAS HELPED PUSH DOWN INTEREST RATES *YELLEN SAYS LOWER INTEREST RATES HELPING HOMEOWNERS *YELLEN SAYS QE IS NOT AIMED AT HELPING TO FINANCE U.S. DEFICIT *YELLEN SAYS POLICY HAS BOOSTED STOCKS `TO SOME EXTENT *YELLEN SAYS FED SHOULD NEVER BE `A PRISONER OF THE MARKETS *YELLEN SAYS `SAVERS ARE HURT BY LOW INTEREST RATE POLICY But Never expected QE to work... *YELLEN SAYS FOMC LAST YEAR EXPECTED LITTLE PROGRESS ON JOBS On Supervision *YELLEN SAYS EXTREMELY IMPORTANT FOR BANKS TO HAVE MORE CAPITAL *YELLEN SAYS FED `VERY FOCUSED ON BROAD FINANCAIL STABILITY *YELLEN SAYS ADDRESSING TOO-BIG-TO-FAIL AMONG TOP GOALS *YELLEN SAYS U.S. WILL RAISE CAPITAL STANDARDS FOR BIG BANKS *YELLEN SAYS TOO-BIG-TO-FAIL FIRMS GET DE FACTO SUBSIDY *YELLEN: U.S. FINANCIAL SYSTEM SAFER, SOUNDER THAN PRE-CRISIS *YELLEN: FED IN COMPREHENSIVE REVIEW OF BANK COMMODITY ACTIVITY *YELLEN SAYS FED `RAMPING UP MONITORING OF FINANCIAL STABILITY *YELLEN SAYS FED `MASSIVELY REVAMPED SUPERVISION OF BIG BANKS *YELLEN SAYS SUPERVISION JUST AS IMPORTANT AS MONETARY POLICY On Jobs *YELLEN SAYS FULL EMPLOYMENT RANGES FROM 5 PERCENT TO 6 PERCENT *YELLEN SAYS `ALL TOO MANY PEOPLE HAVE LEFT LABOR FORCE *YELLEN SEES `WIDENING WAGE INEQUALITY SINCE MID-1980S *YELLEN SAYS FED POLICIES `MEANT TO GENERATE A ROBUST RECOVERY *YELLEN SAYS SHED LIKE TO SEE JOB MARKET RECOVER MORE RAPIDLY *YELLEN SAYS FASTER U.S. GROWTH WOULD BUOY JOB MARKET *YELLEN SAYS INCOME INEQUALITY `VERY SERIOUS PROBLEM *YELLEN SAYS `MANY THINGS AT ROOT OF INCOME INEQUALITY *YELLEN SAYS `ROBUST RECOVERY WOULD HELP MITIGATE INEQUALITY And On Gold... *YELLEN: NO ONE HAS A GOOD MODEL ON WHAT INFLUENCES GOLD PRICES *YELLEN SAYS GOLD OFTEN USED AS A HAVEN AGAINST RISK Other *YELLEN SAYS FOMC REGULARLY ASSESSES GROWTH, JOBS PROGRESS *YELLEN SAYS SHE HOPES FOR STRONGER WAGE GROWTH *YELLEN SAYS SHE STRONGLY SUPPORTS TRANSPARENCY AT FED *YELLEN SAYS FED NEEDS TO RETAIN POLICY INDEPENDENCE *YELLEN: FED SHOULD BE FREE OF `SHORT-TERM POLITICAL PRESSURES *YELLEN SAYS FED WILL WITHDRAW STIMULUS WHILE SUSTAINING GROWTH *YELLEN SAYS DEFICIT REDUCTION SHOULD FOCUS ON MEDIUM-TERM GAINS *YELLEN FAVORS FISCAL POLICY THAT `DID NO HARM *YELLEN SAYS U.S. DEBT DEFAULT WOULD BE CATASTROPHIC *YELLEN SAYS FISCAL SUSTAINABILITY A CRITICAL GOAL
Posted on: Fri, 15 Nov 2013 18:32:33 +0000
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