Posted on 11/18/2016 2:57:09 AM PST by expat_panama
Federal Reserve Chairwoman Janet Yellen reiterated Thursday that the case for an interest rate hike has strengthened and said that it would be "appropriate relatively soon," reinforcing expectations for an increase at next month's policy meeting.
Yellen's testimony before the Joint Economic Committee of Congress was her first major comments since the election of Donald Trump, who has has criticized the Fed chief's actions. Yellen said she expects to serve out her full term and cautioned against reversing financial reforms.
Yellen said in her testimony: "I expect economic growth to continue at a moderate pace sufficient to generate some further strengthening in labor market conditions and a return of inflation to the Committee's 2%...
...economic data were strong. Initial jobless claims fell last week... ...CPI climbed 1.6%, the most in two years. Core inflation was 2.1%.
IBD'S TAKE: Financial stocks are in great shape right now. Here's why you shouldn't buy bank stocks right now.
Yellen added that there are risks to delaying tightening...
...Trump had criticized the Fed during the campaign, claiming it was acting in a "political" fashion. He made it clear he won't nominate Yellen for another term.
"When her time is up I would most likely replace," Trump said.
Trump has vowed to repeal the Dodd-Frank law, but Yellen backed many of the reforms in that sweeping financial regulation overhaul: "I wouldn't want to see the clock back turned back on those."
More broadly, Yellen said the Fed would watch what Congress does. With Trump proposing big tax cuts and infrastructure spending, the resulting boost to economic growth and inflation would take the pressure off the Fed to provide monetary stimulus...
(Excerpt) Read more at investors.com ...
bfl
Several on here called it saying she wouldn’t raise rates until Trump was POTUS.
He won’t have to worry about her fulfilling her term. I see all of this as when his policies become certain, she will resign in protest as a foolish means to try and derail it just as the current protestors are trying to derail the Electoral College voting. She will get so burdened by the coming wave that she will not be able to live up to her ideological barriers essentially forcing her to quit in loss of all credibility.
Yep, no need to cover for Obama. Rates will go up now and Trump will be blamed for the impacts on housing, for openers.
She'll be there in February 2018.
I wish we were seeing Steve Forbes walking through those doors at Trump Tower. For years, he’s been writing a lot about how to fix the economy.
Yes, Americans with debt will be punished for voting for him...
Isn't that what Trump has been calling for all along? So why not take credit for it?
We get from the government fake unemployment and fake inflation numbers. Does the fed use this fake data?
So Yellen is clearly political, as was noted, and is going to let the dam burst on Trump.
Now we will see the effects of what doubling the debt does.
She’ll be there in February 2018. >>>>>>>>>>>>
Congress can impeach her. No problemo.It would only take a couple of weeks.
Indeed, the btch just a few weeks ago was bragging about going to negative rates like Japan, a folly.
Let me know when that happens.
This won't work Janet, you'll have to leave. Now.
Republicans control Congress. She acts politically, she will go out of the Fed so fast her eye balls will be clicking like the shows on a slot machine.
Trump will brook no opposition to the economic recovery of America. Ford motor company and Japan understand that.The fed does not? Watch.
The Sheriff is back in town.
The Federal Reserve are Socialist hard core leftists. Trump ought to Audit the Fed.
Like I said, let me know when that happens.
Trump will brook no opposition to the economic recovery of America. Ford motor company and Japan understand that.The fed does not? Watch.
I will.
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