Saturday, August 27, 2016

Why Fischer Contradicted Yellen; Said We'll Have 2 Rate Hikes

Janet Yellen spoke on Friday. She didn't hint at a rate hike in September, gold and the markets soared.

Three hours later, Fed Vice Chair Stanley Fischer came out to say "What Chair Yellen really meant was ..." and completely contracted her.

I don't think it's about gold. I think it's about Treasury yields.

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(Updated chart)

By the way, Fischer has a history of being full of baloney. The market doesn't remember, but last August he hinted strongly at a September rate hike and it never happened.

Where various Fed governors stand on rate hikes: LINK

Brad DeLong on what Fischer should have said. LINK

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