Wednesday, November 4, 2015

Yellen: December Rate Hike a 'Live Possibility'

At the EPJ Daily Alert, I'm calling today Super Fed Wednesday. The monetary policy troika,  of Federal Reserve Chair Janet Yellen, Federal Reserve Vice-Chairman Stanley Fischer and New York Federal Reserve President William Dudley, are all making public appearances today.

Yellen is testifying before Congress  and said that December would be a "live possibility" for a rate hike if the upcoming data are supportive.

"Now no decision has been made on that and, what it will depend on, is the [Federal Open Market Committee's] assessment at the time. That assessment will be informed by all of the data that we collect between now and then," she said, testifying before the House Financial Services Committee.

Yellen also said she and the committee expect the economy to grow "at a pace that's sufficient to generate further improvement in the labor market, and to return inflation to our 2 percent target."

"If the incoming information supports that expectation, then our statement indicates that December would be a live possibility," she said.

The most important appearance will most likely be that of Fischer, who will be speaking this evening before the National Economists Club in Washington D.C.

The ALERT will have a correspondent embedded at the speech with questions in hand and to provide a full report.


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