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Full text: Janet Yellen’s prepared remarks for US Senate, 14 Nov 2013
The following are prepared remarks by Janet Yellen for her first meeting with Congress after being nominated to replace Ben Bernanke as the Federal Reserve Chair
Lockhart speech signals coming policy shift at the Fed
Earlier today, I indicated that comments by Fed President Dennis Lockhart clearly indicated that the Fed was poised to shift away from quantitative easing and toward forward guidance to guide future Fed monetary policy. But Lockhart gave a…
More on why the Fed is going to taper and rely on forward guidance
Comments by top Federal Reserve officials support the idea that the Fed is going to move away from quantitative easing as a policy tool and lean more heavily on forward guidance. There are a number of reasons for this, not the least of…
The story behind the intrigue at the ECB
According to an account in the Financial Times last week, the latest rate cut by the ECB created a worrying north-south split, with the German-centered group opposing rate cuts and the southern faction wanting them. Today Austrian and…
The perils of private sector deleveraging in the Eurozone
Private and public debt in the Eurozone increased since the 2000s, and especially so in certain countries. This column presents evidence that high levels of private and public debt, together with deleveraging of all sectors, are especially…
Are low rates in the eurozone skewing private portfolio preferences?
The German-language media have been voicing concerns over the ECB’s low interest-rate policy and its effect on savings and investment in the euro zone. This makes sense given the state of the economy in Germany and Austria is significantly…
Low inflation is creating a QE trap
Weak inflation readings in the US continue provide the Fed with the rationale to maintain securities purchases in what amounts to a "QE trap". With the PCE inflation measure once again below one percent, the FOMC doves fear that "taper"…