Fed’s Yellen Speaks
Written June 30, 2009 at 9:11 PM EST by Alex Chernomordin
- Economy may be ‘poised to turn the corner.’
- Sees risk inflation as being too low for ’several years.’
- ‘Downward pressure’ on wages, prices may intensify.
- Financial markets are ‘in much better shape.’
- Mortgage rates may ‘place drag’ on housing.
- Sees recession ending ’sometime later’ in 2009.
- Recovery will be ‘frustratingly slow.’
- ‘Credit will remain tight for sometime to come.’
- Unemployment to be ‘painfully high for several years.’
- Risk of ’severe shakeout’ in commercial real estate.
- Risk the Fed will tighten policy too soon.
- No real threat of inflation surge.
- SDR replacement of the USD is not practical at this time.
These comments gave the USD a bid across the board, hitting Sterling the hardest and fastest, off over half a cent instantly.
Categories: Forex Trading | Tags: USD
(Aug 30, 2010)
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