Janet Yellen’s first press conference as Federal Reserve chair was “hardly a resounding success”, says Paul R La Monica on Buzz.money.cnn.com. She managed to wipe 1% off the S&P 500 and send Treasury yields sharply higher.
The Fed has said that it would keep interest rates at historic lows for “a considerable period” after it finished winding down its quantitative easing programme. Asked what that meant at the press conference, Yellen said “around six months or that type of thing”.
This is hardly earth shattering, you would think, but it implied that interest rates [...]
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