The odds are pretty good that we’ll get another “nothing burger” from the Federal Reserve today as new Chairman Janet Yellen conducts her first press conference following the conclusion of the policy committee meeting and the release of new economic forecasts.
The snow beckons, so, I’ll be back later in the day with some comments (or maybe not, if it’s as dull as most expect). Until then, from this story at Politico, here’s the setup for today’s festivities along with the Fed Chair during her recent Senate confirmation hearing.
When Fed Chair Janet Yellen faces questions from reporters on Wednesday afternoon, she will have the small task of explaining whether the economy is really improving and what else, if anything, the most powerful financial institution on the planet might do to help.
Yellen will also most likely get peppered with questions on Ukraine, inflation, the jobless rate, too-big-to-fail banks and who knows what else. Jittery investors around the globe will hang on every syllable and a pack of hungry reporters will be eager to get Yellen, in her first news conference as Fed chair, to make some market-moving news.
While there is little chance any of them will succeed — Yellen is widely known to be meticulously prepared — the stakes are nonetheless quite high.Wit
Without the Brooklyn accent, it seems Yellen would have a much more difficult time with this sort of thing. Former Fed chief Ben Bernanke wasn’t all that convincing as a speaker as he always had a little quiver in his voice and let’s not forget the 2006 Maria Bartiromo incident (i.e., Bernanke Slips on Bartiromo Peel) for how things can go awry with the press.