Janet Yellen

U.S. Economic Performance Under Seven Different Fed Chair-Persons

October 3, 2017

There have been only seven leaders of the Federal Reserve System since April 1951, a period spanning two-thirds of a century. William McChesney Martin was appointed by Truman and served from April 2, 1951 when his age was 44 until January 31, 1970 when it was 63.  His father had been a central banker, but […] More

Oil and European Share Prices Show Firmer Tone

September 28, 2016

This has been another day with comparatively few releases of economic data — mostly some sentiment measures. Japanese small business sentiment recovered 1.4 points to a 2-month high of 47.7 in September but remains mired below the 50 threshold. Consumer confidence in China according to the Westpac gauge rebounded 3.7 points to a 3-month high […] More

Investors Continue to Mark Time Ahead of Jackson Hole Symposium

August 24, 2016

Overnight the dollar rose 0.2% against the euro and 0.1% versus the Swiss franc but slipped 0.3% against the kiwi and 0.2% relative to sterling. There’s been no net change vis-a-vis the yen or Aussie dollar. Share prices rose 0.7% in Singapore, 0.3% in India and 0.6% in Japan but fell 0.7% in Hong Kong […] More

ECB Delivers Less Support than Expected, Sending Euro Sharply Higher

December 3, 2015

ECB officials, who had strongly hinted that significant additional monetary policy relief is imminent, failed to meet the market’s expectations.  Largely in response, the dollar recorded an  overnight drop of 2.1% against the euro and 1.7% versus the Swiss franc.  Share prices in Europe are down 3.0% in France, 2.8% in Germany, 2.0% in Spain, […] More

Awaiting Possible New Clues from the FOMC

March 19, 2014

The FOMC decision is due at 1600 GMT and will be followed by Janet Yellen’s first press conference a half hour later. Malaysian Flight 370 is still missing, with concerns climbing it will never be found. The dollar is unchanged against the euro and kiwi, up 0.4% versus the loonie and 0.1% relative to the […] More

Geopolitical Tensions Intensify Market Fear of Risk

February 27, 2014

Escalating tension within Ukraine between those loyal to Russia and those seeking closer ties with Europe sent the hyrvnia tumbling some 10% to 11.2/USD.  Global financial markets have been infected, with sovereign debt yields and equities falling but the yen and dollar rising. Stocks in Europe have declined by 1.5% in Germany, 1.3% in Spain, […] More

Markets Accepting the Message that Fed Tapering Will Continue

February 12, 2014

Janet Yellen’s message had two parts.  First, the onset of a rising federal funds rate remains far away and the economy remains vulnerable.  Second, a measured pace of quantitative easing will not be halted except in the case that the economy seems to be veering sharply below expectations, that is toward recession.  This message was […] More

Waiting for Yellen’s Testimony

February 11, 2014

Janet Yellen, the new Fed Chairwoman of the Federal Reserve, delivers semi-annual Humphrey-Hawkins testimony at 15:00 GMT before the House Financial Services Committee.  Investors await possible modifications of forward guidance, her thoughts on the state of the economic recovery, and any clarifications of the tapering of monthly asset purchases. Other than the above eagerly awaited […] More

Yellen Confirmed by Senate

January 7, 2014

The senate approved the nomination of Janet Yellen as the next Fed Chairperson by a comparatively underwhelming 56-26 margin.  Many Republicans opposed the choice on principle, and there were several absentees caused by America’s deep freeze that stymied traveling. The dollar rose overnight by 0.5% against the Australian dollar, 0.4% relative to the loonie, 0.3% […] More

Trick or Treat

October 24, 2013

This is the month when people are asked to choose between forking over a treat or suffering the consequences of a practical joke.  The fiasco of a U.S. debt ceiling debate earlier this month ended thankfully without a government default but with a considerable dose of national disgrace. Knock on wood, but the treat during […] More