Janet Yellen just endorsed this new measure of the economy in all but name February 11, 2014 Move aside headline unemployment, this Fed chair has a new favourite. In her written testimony Federal Reserve chair Janet Yellen said that "the number of people who are working part time but would prefer a full-time job remains very high." That's an almost explicit mention of "U6" – one of the Bureau of Labor Statistics' [...]
Yellen shows Carney how to wriggle out of forward guidance like a pro February 11, 2014 (@GeneralBoles) Bank of England governor Mark Carney must be one of the world’s luckiest central bankers – as he began his job, the stagnant UK economy suddenly kicked off, and inflation returned to two per cent after spending five years above target. And when he does come up against a major challenge, another central banker [...]
What you need to know before the US open – 11/02 February 11, 2014 Markets will open half an hour before questions from the House are put to the chair of the Fed, Janet Yellen. US futures are widely unchanged on the news, with the S&P 500 expected up 0.1 per cent at open. The Yellen Reaction: Stocks Down, Gold Down, Bonds Frown http://t.co/U6nR5jn7ga — zerohedge (@zerohedge) February [...]
New Fed chair Yellen says labour market recovery is “far from complete” February 11, 2014 It's Janet Yellen's first big test. The new Fed chair's written testimony was widely expected to show that she'd be leading the central bank in a more dovish direction. Yellen has said that the FOMC will continue to taper QE in measured steps, buit that there is no preset course – it's contingent on jobs, [...]
What you need to know before the open – 11/02 February 11, 2014 Europe is set to open higher again today, following yesterday’s consolidation of gains from Friday’s payroll numbers. Of course, markets await Janet Yellen's – the Fed’s new chair – speech to Congress later today. It’s likely she'll say future tapering is data-dependent. Over in Asia, markets strengthened ahead of Yellen’s appearance. ETX Capital #morningcall: [...]
Asian markets strengthen in countdown to Yellen testimony February 11, 2014 Asian shares are enjoying minor gains while gold prices have hit a three-month high, as markets wait to hear the new head of the Federal Reserve Janet Yellen's testimony before Congress. Markets are hoping Yellen will confirm that US interest rates will remain low and the Fed will give further detail regarding tapering. The yen [...]
New York Report: US stocks up as investors await Yellen speech February 10, 2014 STOCKS ended with modest gains yesterday as investors digested recent market gains and looked ahead to new Federal Reserve chair Janet Yellen’s first testimony before lawmakers. The Nasdaq was boosted by strength in large-cap tech and pharma names, but most market participants took a wait-and-see attitude ahead of the testimony, looking for confirmation that the [...]
CNBC Comment: Volatile markets threaten the IPO revival February 10, 2014 THE SELL-DOWN in emerging market assets has seen investors withdraw money at speed. And it may not be over yet. As Nomura analysts have pointed out, just because the selling has been vicious, it doesn’t mean it’s a crowded trade. But stepping away from the herd is private equity. Last year, these cash-hoarders scoured the [...]
What you need to know before the US open – 10/02 February 10, 2014 Today’s looking like something of a waiting game for US markets, as investors ready themselves for Janet Yellen’s first public appearance as Fed chair tomorrow, speaking to US lawmakers. It also looks like investors may be coming off Friday’s high. After equities rallied at the end of the week, futures suggest a slip at the [...]
German judges refer ECB’s bond-buying programme to European court. Here’s what you need to know February 7, 2014 European markets are muted and the euro is down 0.2 per cent against the dollar on the news that a German court has rejected the European Central Bank’s (ECB) bond-buying programme and pass it on to the European Court of Justice (ECJ). Why’s this happened? Germany’s constitutional court thinks the bank’s outright monetary transactions (OMT) [...]