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Janet Yellen posts

SF Fed's Yellen: Interest Rates Need to Remain Low

Posted Feb 22nd 2010 4:30PM by Joseph Lazzaro (RSS feed)
Filed under: Federal Reserve, Recession

Almost on cue, a member of the U.S. Federal Reserve has balanced Fed's quarter-point discount rate interest rate hike last week to 0.75% with a statement Monday that the Fed should keep interest rates very low for a while.

San Francisco Federal Reserve Bank President Janet Yellen, in a speech Monday at the University of San Diego, said, "For the time being, the economy still needs the support of extraordinarily low rates."

Yellen added, "I'm not at all convinced that a V-shaped recovery is in the cards."

Continue reading SF Fed's Yellen: Interest Rates Need to Remain Low

Janet Yellen isn't sold on economic recovery before 2010

Posted Mar 26th 2009 11:20AM by Mark Fightmaster (RSS feed)
Filed under: Federal Reserve

Federal Reserve Bank of San Francisco President Janet Yellen doesn't agree with Fed head Bernanke on the chances of an economic recovery starting before 2010.

Yellen told the Forecasters Club of New York, "I share the guarded optimism of most professional forecasters that the economy may begin to grow within the next several quarters. But I must admit that I see considerable downside risk, and my confidence in this outlook is greatly diminished by the nearly unprecedented set of circumstances we face."

Those words don't exactly encourage a great deal of optimism, do they?

Continue reading Janet Yellen isn't sold on economic recovery before 2010

Fed's Yellen: 'Worth pulling out all the stops' regarding fiscal stimulus plan

Posted Jan 5th 2009 12:15PM by Joseph Lazzaro (RSS feed)
Filed under: Forecasts, Federal Reserve, Recession, Financial Crisis

When you see Congressional and presidential administration officials commenting on fiscal policy, and Federal Reserve officials commenting on monetary policy, that's normal.

But when you see Fed officials commenting on fiscal policy -- something they never do -- that's not normal and is indicative of extraordinary times.

San Francisco Federal Reserve Bank President Janet Yellen has done the latter, stating in no uncertain terms that the U.S. economy needs a fiscal stimulus package to deal with its most serious economic slump in her career.

"The current downturn is likely to be far longer and deeper than the 'garden-variety' recession," Yellen said, in a speech. "If ever, in my professional career, there was a time for active, discretionary fiscal stimulus, it is now." Yellen said the global financial crisis and economic recession pose a serious risk of a prolonged period of stagnation.

"It's worth pulling out all the stops to ensure those outcomes don't occur," Yellen added.

Continue reading Fed's Yellen: 'Worth pulling out all the stops' regarding fiscal stimulus plan

The Fed is sending a signal: More trouble ahead

Posted Jul 8th 2008 1:26PM by Joseph Lazzaro (RSS feed)
Filed under: Forecasts, Housing, Federal Reserve, Recession

Macroeconomics, many economists agree, is as much an art as a science. And sometimes it requires the 'reading between the lines' skills of a Kremlinologist during the Cold War.

Here's my reading between the lines analysis of recent Fed statements on housing: more housing-related write-offs (and pain) for certain banks and others with mortgage-backed debt.

Yellen, Bernanke speeches: Signals?

The evidence: first, San Francisco Federal Reserve President Janet Yellen, currently a non-voting member on the Fed's Open Market Committee, delivers a low-key, candid-but-not-alarmist speech Monday to the San Diego Economics Roundtable in which she warns that "things could get worse before they get better" and that problems affecting the financial system could stick around "for some time."

Economist David Wang said Yellen's speech could be interpreted "as her staking out a claim on the dovish [interest rate cut] end of the Fed" were it not for the fact that the measured, always dispassionate Yellen "is not known for politicking or embellished commentary."

Continue reading The Fed is sending a signal: More trouble ahead