Janet L. Yellen, the Federal Reserve chairwoman, spoke at a news conference after the Fed announced it would reduce its monthly bond purchases because of the economic recovery’s progress.


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NYT, March 19th, 2014

Category: Federal Reserve, Video

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One Response to “Yellen on Fed’s Stimulus Campaign”

  1. RW says:

    So the Fed has effectively given up both elements of the dual mandate:

    Even though a 2% inflation target is probably too low to begin with they won’t risk exceeding it regardless so we will stay on borderline deflation with no room to maneuver if things head south again.

    There are barely more adults with full-time jobs today than there were six years ago — fall in unemployment is mostly from adults accepting part time or giving up entirely — and no further effort will be made to ameliorate that situation or strengthen demand.

    Loss in productive output is now persistent and will probably become permanent just as it has in the UK and Japan. Austerity rules the roost, the pain caucus has won.

    Pity, I had some hopes for Yellen.