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Markets Exaggerate Yellen's Dovishness

February 24, 2015
Bond yields and the dollar fell.  Emerging markets and equities performed well.  The main cause appears to be Yellen's testimony to the Senate.  
Yet this seems to be an exaggerated response.  Going over Yellen's prepared remarks and answers to questions from the Senators, our basis understanding has not changed:  The Federal Reserve's …
Markets Exaggerate Yellen's Dovishness Markets Exaggerate Yellen's Dovishness Reviewed by Marc Chandler on February 24, 2015 Rating: 5
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The Context for Yellen

February 24, 2015
Testimony by Federal Reserve Chair Yellen is one of this week's few highlights.  Yellen's testimony is not about articulating a new policy, but explaining the existing policy to US Congress, and to some extent, the American people. 

The key point is that monetary policy is in transition.  The asset purchases have stopped, though the maturin…
The Context for Yellen The Context for Yellen Reviewed by Marc Chandler on February 24, 2015 Rating: 5
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Dollar Bid Ahead of Yellen

February 24, 2015
Amid relatively light news, the US dollar is bid.  The euro is back to the lower end of its range, straddling the $1.1300 area.   The dollar is at eight-day bests against the yen near JPY119.50.  Falling commodity prices, a soft New Zealand inflation expectations survey, and the prospects for additional easing by the Reserve Bank of Australia (Mar…
Dollar Bid Ahead of Yellen Dollar Bid Ahead of Yellen Reviewed by Marc Chandler on February 24, 2015 Rating: 5
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Great Graphic: The Why and Yuan

February 23, 2015
China's markets re-open on Wednesday (initially we mistakenly said Tuesday) as the Lunar New Year celebration ends.  Hong Kong markets re-opened on Monday, and Chinese shares that trade there fell.  
The Hang Seng China Enterprise Index (H-shares) fell 0.2%.  Local reports suggested profit-taking after the run-up before the holiday amid light v…
Great Graphic: The Why and Yuan Great Graphic: The Why and Yuan Reviewed by Marc Chandler on February 23, 2015 Rating: 5
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The Pope's Revealing Gift to Merkel and the Future of Europe

February 23, 2015
German Chancellor Merkel visited the Vatican over the weekend.  Consistent with the diplomatic practice, they exchanged gifts.  The Chancellor gave to the Pope a Bach CD and a donation for refugee children.   Pope Francis gave Merkel a medal with this image on it.  It is a picture of St.Martin giving his coat to the poor. 
The perfunctory exchange …
The Pope's Revealing Gift to Merkel and the Future of Europe The Pope's Revealing Gift to Merkel and the Future of Europe Reviewed by Marc Chandler on February 23, 2015 Rating: 5
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