Update (1315ET): Just as we predicted – but even sooner than we expected – Treasury Secretary Janet Yellen has not just walked back her earlier statement but has entirely reversed it.
“Let me be clear it’s not something I’m predicting or recommending,” Yellen says about rates, flip-flopping her earlier perspective entirely.
Then she addressed the issue of inflation, toeing the establishment line that it will be “transitory” for the next six months or so…
She added that if there is an inflation problem she is certain the Federal Reserve can be counted on to address it.
We wonder who tapped her on the shoulder and said “stay in your lane, Janet!”
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Treasury Secretary Janet Yellen is speaking at The Atlantic’s “Future Economy Summit” this morning – a speech she pre-recorded yesterday – and has sparked some chaos with her comments.
Just the mere mention of hiking interest rates was enough to scare the shit out of the markets. Just imagine if they were to ever really raise them again!