I’m continuing to monitory Federal Reserve Chairman Janet Yellen’s comments and the market reaction.
The initial reaction and interpretation was that she was very “easy” in her prepared comments.
But many markets are sharply reversing course. Eurodollar futures are at price lows of the day, for instance, as are bonds.
Gold is down more than $10 and the euro is off by more than a half cent against the dollar.
These are moves you would expect to see if investors were afraid of tighter money, not looser. Have to see if it sticks through the end of the day, but it is worth noting at this time.
I will have more on Yellen’s comments and the market reaction in my afternoon column.
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