Rates rise late after Yellen speech

  • Unless some pressing need arises here in the U.S. -- higher actual inflation and/or a surge in wages -- the Fed will stay steady.

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Credit markets sat immobilized in August, waiting for Janet Yellen’s speech this morning at the annual Economic Policy Symposium in Jackson Hole, Wyoming. This conference of central bankers has been sponsored by the Kansas City Fed since 1978 — so very appropriate this morning because the K.C. Fed never does anything useful (for the last 25 years demanding large rate increases to fight imaginary inflation).