by Dan Norcini
Yellen seems to me to be mastering the art of saying things so that everyone can come away hearing what they wanted to hear.
For those concerned about the Fed leaving interest rates too low for too long, she adopted a hawkish view on the economy, particularly when it comes to the payrolls. For those thinking that any Fed rate hike would send the Dollar soaring, pressuring Emerging Markets as well as equity markets both here domestically and elsewhere, she sounded the theme of interest rates remaining low for a long time. Thus, if the Fed were to hike sooner rather than later, no need to worry because it would not signal the beginning of a rapid series of rate hikes.
Initially, everyone seemed happy – Utility stocks moved higher but so did banking stocks/financials.