US equity markets are tumbling from their pre-open algo buying-spree and while no obvious catalyst stands out, somewhat hawkish comments from former Fed head Yellen may have sparked some selling…
Yellen is speaking at a Mortgage Bankers Association conference in Washington:
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*YELLEN SAYS 3% GROWTH IS TERRIFIC BUT DOESN’T THINK IT CAN LAST
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*YELLEN: INVERTED YIELD CURVE A GOOD RECESSION SIGNAL IN PAST
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*YELLEN: THIS TIME MIGHT BE DIFFERENT ON YIELD CURVE SIGNAL
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*YELLEN: FED NEEDS TO MOVE RATES TO NEUTRAL, STABILIZE LABOR MKT
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*YELLEN: NOT DESIRABLE FOR A PRESIDENT TO COMMENT ON FED POLICY
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*YELLEN: POLITICIZING FED POLICY RISKS UNDERMINING INSTITUTION
So “keep hiking rates”… “ignore the yield curve coz it’s different this time”, and “ignore President Trump…”
And the reaction – coincident – was notable…
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