by Mike ‘Mish’ Shedlock
Now that Atlanta Fed president Dennis Lockhart has been thoroughly discredited with his “sufficient momentum to hike as soon as April” thesis, Fed Chair Janet Yellen is on board with slower hikes.
In a speech today to the Economic Club of New York on The Outlook, Uncertainty, and Monetary Policy, Yellen stressed the need to go slow, specifically citing “other tools” if rates were to drop to zero again.
Yellen’s long-winded speech is not worth a read. Bloomberg did a respectable job of condensing it down to a few appropriate sound bites, but as is typical, Bloomberg never linked to the source as I did above.