Federal Reserve Chairwoman Janet Yellen, apparently doesn't want the stock market to tank on her watch. Or maybe she just wants Wall Street high rollers to stop killing themselves. In any event, she says
the Fed\'s "stimulus" program will be needed for "some time." Needless to say, stocks rose after the announcement.
Federal Reserve Chair Janet Yellen, easing investor concern that interest rates may rise earlier than previously forecast, said the central bank’s unprecedented stimulus will be needed for “some time.”
Yellen, citing the examples of three people struggling to find work, used a speech to a community development conference in Chicago to make the case for continued Fed stimulus, which has included more than five years of interest rates near zero and trillions in bond purchases.
“This extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policymakers at the Fed,” Yellen said. “The scars from the Great Recession remain, and reaching our goals will take time.”
Stocks rose as Yellen highlighted the Fed’s commitment to spur the economy and put 10.5 million unemployed Americans back to work. Share prices fell on March 19, when she said in a press conference that the Fed might start raising the benchmark interest rate above zero about six months after ending its bond purchase program. Yellen didn’t mention a timetable today. (...)
And why not? It's certainly helped the banks and the stock market. Of course, those looking for work are still sucking wind, but nobody really cares about them anyway.
Onward and upward,
airforce
