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Central Banks Remain in Control: Outlook- September 21, 2014

Central Banks Remain in Control: Outlook- September 21, 2014

5 Years ago | September 21, 2014 00:00:00


Yellen on Top
Fed Chair Yellen clearly is in control at the Fed. Recall that she is a labor economist. It is not surprising that her focus is on the soft employment conditions. She has been looking more deeply into the data than the headline readers and seeing the underlying weaknesses we have been pointing out for a long while. The "underemployment" in the U.S. is a major problem. As a result, Yellen continues to signal that rates will be kept low for an extended time period, but warned that future policy will be data-dependant. Her short-term dovishness was tempered by Fed forecasts for a rising Fed Funds rate later next year. That suggests that short term dovishness could be offset by hawkishness in the medium term. T

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