There Are Risks for Markets and Yellen at Jackson Hole

The risk to markets Friday is that Fed Chair Janet Yellen simply sounds more ready than markets expect to raise rates for the second time in 10 years.

That would trigger a sell-off in stocks, snap Treasury yields out of their slumber, pressure gold and pound on the dollar.

But many strategists and economists say more likely is that she will sound dovish, and the reason may be that she will choose to address a more wonky academic question about long-term Fed policy rather than talk about what the markets want to hear.

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image - Fed Chair Yellen