Wall Street rises after Yellen speech

Wall Street rises after Yellen speech”

The complementary speeches come at what may be the tail end of Ms Yellen's tenure at the Fed's helm. "She's really putting a stake in the ground".

But Cohn said he was not leaving his White House job.

Yellen's comments at the Federal Reserve Bank of Kansas City's prestigious policy conference in Jackson Hole, Wyo., could hurt her chances of being renominated to lead central bank.

"Renegotiating NAFTA and protectionist measures against China will not save jobs", University of Pennsylvania professor Ann Harrison said, arguing that the decline in manufacturing jobs was due to labor-saving management and technologies.

Yellen also appropriately questions the role of "algorithmic" high speed traders who may be unreliable in stressed markets.

Durable goods suffered the biggest drop in three years.

"Preeminent among these domestic and global efforts have been steps to increase the loss-absorbing capacity of banks, regulations to limit both maturity transformation in short-term funding markets and liquidity mismatches within banks, and new authorities to facilitate the resolution of large financial institutions and to subject systemically important firms to more stringent prudential regulation", she said.

However, others have suggested he might use the speech to reinforce a more hawkish message sent out to the market in June, possibly hinting of a further tapering of the ECB's quantitative easing program later in the year. She has acted "free of dogma" in her "collaborative" approach to consensus on bank rescues, inflation-fighting, and other tough decisions - the opposite, Conti-Brown says, of a cartoonish, power-crazed, secretive central banker. She was first nominated by Obama for the four-year term, after having served as president of the Federal Reserve Bank of San Francisco. "Together with Randal Quarles, who has been nominated to be the Vice-Chair of bank supervision at the Fed, we would expect Cohn to weaken the bank stress tests, the Volcker rule and exempt smaller banks from much of the new regulation". His tenure is widely derided as the worst in Fed history.

Unlike most other appointed positions, the power of the Fed chairman is substantial.

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Gold prices are higher this week with the precious metal up 0.48% to trade at 1288 ahead of the New York Close on Friday. Against this backdrop the Kiwie, just like most currencies, will be tossed around as investors get ready for Yellen and Draghi. "It all means stock and credit markets are at risk of a painful drop", the report stated.

"She would feel a patriotic duty to stay on if asked, even if from a personal level she was ready for a break. she would feel an obligation to serve".

As the dollar shifted into reverse, so did US equities, with the Dow seeing its gains pared to 45 (at 21,829) and the S&P 500 retreating to 2,443, up 4 points on the day. Now the lessons of the past decade must be drawn and acted upon.

This week's calendar also features US data on personal income and spending, which includes the personal consumption expenditures inflation data, the Fed's preferred metric for inflation.

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