Fed Chair Janet Yellen surprised markets again, when after weeks of a hawkish setup, she suggested that the Fed is not only uncertain “about when – and how much – inflation will respond to tightening resource utilization”, but warning that the federal funds rate may “not have to rise all that much further to get to a neutral policy stance.” And now it is her turn to explain why, as Richard Breslow lamented earlier, Fed watchers will soon need VR goggles to understand the relentlessly growing confusion in Fed announcements and forecasts.
A reminder of testimony protocol per the WSJ: the chairman of the committee and the ranking member for the Democrats typically both read prepared statements. Sometimes a subcommittee chair will also speak. Then Ms. Yellen will read aloud the testimony that we’ve already dissected here on the blog. Only then will questions begin. So although the hearing starts soon, we’re probably still 20 or 30 minutes away from anything new.
Watch live below:
via http://ift.tt/2u8IwIK Tyler Durden