Wednesday, March 19, 2014

Wow, Fed Chair Janet Yellen Really Doesn't Like to Talk to Reporters

There was nothing much of new monetary policy news from Fed chair Janet Yellen during her press conference today. It's clear she has no business cycle theory. She just watches the data and will print aggressively whenever the data weakens. What she will do, if a late-1970s scenario of higher inflation and higher unemployment develops at some time, is entirely unclear. My guess is she will lean towards more money printing until price inflation is way over 5%.

One interesting side note from the press conference is an indication that she is very uncomfortable talking to the press during these briefings.

I noted back in November:
Boy, would I love to play poker against Janet Yellen. She has one of the most obvious "tells" when she is under pressure.

Anyone watching her confirmation testimony, before the Senate Committee on Banking, Housing, and Urban Affairs last week, should have picked it up within the first 30 minutes of her Q&A.

Whenever she faced a hostile question, she started her reply with "so". The "so" makes no grammatical or logical sense. But she did put it at the start of every hostile question. Mostly Republican questions. When she answered friendly questions, there was no "so".
During most of her questions from reporters today, she started with "so."


  1. -- My guess is she will lean towards more money printing until price inflation is way over 5%. --

    And if reporters ever ask her about the runaway inflation (when it comes, not if), she will probably start her answer with "So," ....

  2. "So" just reviels she is a mental child and a schoolmarm type twit.

    1. Re: Anonymous,
      -- "So" just [reveals] she is a mental child and a schoolmarm type twit. --

      It does provide evidence of Peter Schiff's sound reasoning regarding who would President Obama choose as the new Fed Chairman; Peter said: "Very likely Obama will choose the very worst person possible to chair the Fed, and that could be Yellen."

    2. You see, like any good leftist, Obama must pick the politically correct candidate. Given the left's pathological obsession with race and gender his choice doesn't surprise me. But of course well know they're all full of Keynesian shit no matter who they shove in there don't we?

  3. Does anyone still use these filthy terrorist's counterfeit nothingness they call the Dollar?
    Got Bitcoin?

  4. neither does Pete....

    Nassim Nicholas Taleb

    When you see fraud shout fraud!

    INVERSE SKIN IN THE GAME/CRONY CAPITALISM. Peter Orszag is one of those Obama cronies who wrote the report about Fannie Mae being safe (while I was shouting that it was sitting on dynamite) and, thanks to absence of skin-in-the-game, or inverse skin-in-the-game, got a job in the Obama administration (Chapter 23 in ANTIFRAGILE) after Fannie Mae went bust (and had a taxpayer backup).
    Now as predicted he is making >$3 million from Citibank a firm that the taxpayer saved!
    Here is how his taxpayer-backed income was revealed.