Yellen Delivers Upbeat Message on the Economy
http://www.bloomberg.com/news/articles/2015-07-15/yellen-says-rate-rise-likely-in-2015-as-labor-market-improves
Federal Reserve Chair Janet Yellen delivered an upbeat message on the economic outlook to lawmakers and parried attacks from Republicans who say the central bank is too secretive and needs stronger oversight.
Yellen repeated that the Fed is likely to raise its main interest rate this year, assuming its forecasts for stronger growth and lower unemployment are realized.
OR EVEN IF THE FORECASTS ARE NOT REALIZED...THIS IS IT, FOLKS! BATTLE STATIONS!
The first rate increase in almost a decade “will signal how much progress the economy has made in healing from the trauma of the financial crisis,” Yellen, 68, told members of the House Financial Services Committee on Wednesday.
Seeking to reassure investors accustomed to more than six years of near-zero borrowing costs, she emphasized that the timing of liftoff is less important than the subsequent pace of increases, which she said would be gradual. Policy will probably remain “highly accommodative for quite some time,” she said...
DON'T YOU JUST LOVE BEING THE GUINEA PIG IN THE LABORATORY?
Yellen stands by Fed's transparency as lawmakers turn up heat
http://www.reuters.com/article/2015/07/15/us-usa-fed-yellen-idUSKCN0PP1GC20150715
Federal Reserve Chair Janet Yellen on Wednesday resisted calls for more congressional oversight, as members of a House of Representatives panel criticized the central bank's policies and pressed it to be more accountable... in the hearing before the House Financial Services Committee, monetary policy took a backseat to central bank transparency. While some lawmakers aggressively questioned Yellen, it was a gentler session than the grilling she received before the same panel in February.
The most heated exchange occurred when Representative Sean Duffy, a Wisconsin Republican, lambasted the Fed and Yellen for what he described as a failure to properly respond to the 2012 leak of sensitive information to a private financial newsletter.
Duffy pressed Yellen to explain why the Fed has failed to meet the House panel's demands to release documents related to the case.
"We've said that we plan to give (the documents) to you as soon as we're able to do so and not compromise an open criminal investigation," Yellen responded. "We want to see this investigation succeed."
THIS COULD SPELL THE END OF THE FED AS WE KNOW IT--ONE FATAL INTEREST RATE INCREASE AND A GROWING POLITICAL SCANDAL, AND IT'S
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