Spreadex Market Update
Janet Yellen’s first public comments as chairwoman of the Federal Reserve
The main headline of the afternoon is Janet Yellen’s first public comments as chairwoman of the Federal Reserve. Whilst addressing a House Committee Yellen emphasised the importance of the work done by her predecessor Ben Bernanke and that she will look for continuity during the transition. It was in this vain that she stated she expects to continue to reduce asset purchasing but hinted new guidance may be needed.
The labour market was highlighted as an area where the recovery was far from complete and that she will not rely solely on unemployment numbers as a sign of genuine recovery. She pointed to the large number of Americans unemployed for longer than six months and part-time workers who would prefer full time work as data that is not represented by merely the unemployment figure.
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