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Yellen and Global Uncertainty

Federal Reserve Chair Janet Yellen appears to have said everything that folks on Wall Street were wanting to hear yesterday as she basically green-lighted a little more asset price inflation at the cost of lower interest rates for just a little bit longer.

Like previous Fed chairs Bernanke and Greenspan, “too low for too long” is not really much of a concern. See also:

CNBC reports that the Janet Yellen Fed has a “mini-revolt” brewing with a total of four Open Market Committee members favoring a more hawkish approach to monetary policy.

Of course, financial markets will have the last say on whether short-term interest rates are raised from their current freakishly low levels and, if so, how fast.

Markets seem to be giving the Fed the go-ahead at the moment, but, as we’ve seen over the last year or so, that could change rather quickly.

Haven’t heard from Investment Biker Jim Rogers in quite a while and, in this interview with CNNMoney’s Nina dos Santos the other day, he’s looking a bit jowly, but he still makes a good deal of sense in his assessment of the world’s central bankers.

Highlights include:

We’re all going to pay a horrible price for the incompetence of these central bankers. We got a bunch of academics who don’t have a clue what they’re doing … This is going to be a disaster in the end and you should be very worried and you should be prepared.

BTFD?

The “glass half empty” folks over at Zero Hedge hoisted this item back up the other day, no doubt aimed at anyone basking in the schadenfreude, now coming in wave after wave, associated with the ongoing global stock market swoon.

Of course, this classic Quantitative Easing Explained xtranormal offering pops up as a related item when viewing the video above at YouTube, helping to explain why BTFD may not be working so well anymore, that is, until QE4 arrives.

They’ll Probably Ask About This…

Federal Reserve Chair Janet Yellen just released her semi-annual Monetary Policy Report to Congress and will soon trudge up to Capitol Hill where, based on the chart below, she’ll have some ’splainin’ to do.

Question number one for those elected officials who aren’t otherwise preoccupied with such things as auditing the Fed will likely be, “Do you regret raising interest rates two months ago?”, for which Yellen will surely have an eloquent prepared response.

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