Interest rates

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Last quote about Interest rates

Adam Posen - Bank of England
The Fed is going back to normal in the sense that it's not scared to do the moves that it would normally do in response to the forecast. You're nearing the end of this Fed regime and it's not just Chair (Janet) Yellen, Vice-Chair (Stanley) Fischer (who get a say), President Trump gets to appoint five members of the seven member Federal Reserve Board of Governors in the next 10 months and so you want to get this policy of tightening underway before that uncertainty kicks in.feedback
Mar 28 2017
In this page you'll find all points of view published about Interest rates. You'll find 543 quotes on this page. You can filter them by date and by a person’s name. The 4 people who have been quoted more about Interest rates are: Janet L. Yellen, Peter Boockvar, Quincy Krosby and Thomas Simons. Janet L. Yellen specifically said: “Young adults who regularly or sometimes worried when they were children about care, safety or having enough to eat are also less likely to be employed, less likely to have consistent income month-to-month and less likely to pay all of their current monthly bills in full, compared with those who never or rarely worried about these concerns as children.”.
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All quotes about Interest rates

Daan Struyven - Goldman Sachs Group

This could be important for balance sheet policy because many Republican-leaning economists have criticized quantitative easing (QE) and have expressed a preference for rapid balance sheet rundown, perhaps even through asset sales. Our forecast is that the discussion around reinvestment continues for most of this year and the plan is formally announced in December 2017. At that meeting, we expect the committee to hold the funds rate steady after hiking in both June and September. We expect the quarterly hikes to resume in March 2018.feedback

Robert Halver - Baader Bank

The markets are relaxed for two reasons: first, the Dutch voted in favour of Europe which definitely helps the European atmosphere. I am convinced the French will also vote the same. The other issue is that the US rate increase happened as expected. The rate hike is being interpreted as the US economy doing better than expected. So, a rate hike is acceptable. But much more important is that Fed Chair Janet Yellen made it clear we shouldn't worry about more rate increases any time soon.feedback

Janet L. Yellen - Federal Reserve System

Our decision to make another gradual reduction in the amount of policy accommodation reflects the economy's continued progress. Today's decision is in line with that view and does not represent a reassessment.feedback

Janet L. Yellen - Federal Reserve System

Our decision to make a gradual reduction in the amount of policy accommodation reflects the economy's continued progress toward employment and price stability objectives assigned to us by law. Today's decision also reflects our view that waiting too long to scale back some accommodation could potentially require us to raise rates rapidly sometime down the road, which in turn could risk disrupting financial markets and push the economy into recession.feedback

Scott Minerd - Guggenheim Partners

That gives the market the confidence … that they're not going to let inflation run out of control and that they are going to try to stay on course. If they see unexpected rises in inflation or continued declines in unemployment, that they'll continue to gradually upgrade their expectations, which will lead to a faster rate of increases.feedback

Janet L. Yellen - Federal Reserve System

We're operating in an environment where the U.S. economy is performing well and risks seem pretty balanced. I think people can feel pretty good about the economic outlook.feedback

Janet L. Yellen - Federal Reserve System

The unemployment rate has moved way down and many more people feel optimistic about their prospects in the labor market. There's job security. We're seeing more people who are feeling free to quit their jobs, getting outside offers for other opportunities. So I think the job market, which is an important focus for us, is certainly improving.feedback

Janet L. Yellen - Federal Reserve System

What we'd want to have is confidence in the economy's trajectory, a sense that the economy will make progress, that we're not overly worried about downside risks with adverse shocks that could hurt the economy.feedback

Janet L. Yellen - Federal Reserve System

Our short-term interest rate target is our key active tool of policy. We think it's much easier using that tool to communicate the stance of policy. We have much more experience with it and have a better idea of its impacts on the economy.feedback

Janet L. Yellen - Federal Reserve System

That is a great question. I appreciate your asking it. The simple message is the economy is doing well. We are seeing more people who are feeling free to quit their jobs, getting outside offers, looking for other opportunities. I think the job market which is an important focus for us is certainly improving. We know there are problems that face particularly people with less skill and education, and in certain sectors of the economy.feedback

Janet L. Yellen - Federal Reserve System

Our decision to make another gradual reduction in the amount of policy accommodation reflects the economy's continued progress toward the employment and price-stability objectives assigned to us by law.feedback

Janet L. Yellen - Federal Reserve System

Today's decision also reflects our view that waiting too long to scale back some accommodation could potentially require us to raise rates rapidly sometime down the road, which in turn could risk disrupting financial markets and pushing the economy into recession.feedback

Ebrahim Rahbari - Citigroup Global Markets

Chair Yellen has previously indicated that balance sheet reduction will occur once the FOMC has 'confidence the economy is on a solid course'. Any calendar or policy rate threshold guidance relative to market expectations of Q1 2018 would provoke a market reaction.feedback

Robert Halver - Baader Bank

With the economy improving a rate increase is doable, but what's much more important is what comes next. I believe Janet Yellen will continue to play her rate game, but you musn't be scared that there are going to be further radical rate increases. Her rate changes will be gradual. No one will get hurt because she knows full well that with the world's debt as it is, a sharp rate increase is not manageable.feedback

James A. Wilcox

The thing that makes it relatively easy for the Fed is that fiscal policy usually takes a long time. Financial markets don't wait for all of that to happen, of course, but the actual spending and employment effects – they usually take a while to show up.feedback

Janet L. Yellen - Federal Reserve System

At our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal fund rates would likely be appropriate. We realise that waiting too long to scale back some of our support could potentially require us to raise rates rapidly sometime down the road, which in turn could risk disrupting financial markets and pushing the economy into recession.feedback

Janet L. Yellen - Federal Reserve System

At our meeting later this month, the (Federal Open Market) Committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate. Given how close we are to meeting our statutory goals (of maximum employment and price stability), and in the absence of new developments that might materially worsen the economic outlook, the process of scaling back accommodation (raising interest rates) likely will not be as slow as it was in 2015 and 2016.feedback

Scott Redler

The market does have a bit of an exhaustive feel. I think the bears would love to think with two major events like the Trump address to Congress and the Snap IPO, with heavy valuations, and now Yellen pretty much signaling three rate hikes will happen, it would be the kind of week they sell the news and we finally get a corrective phase. Traders are trying to stay with the rally but the higher we go, the harder it is.feedback

David Tice

They really represent a gift here. We had such a big decline from 2011. A lot of those stocks lost 80 to 90 percent of their value. Then we had a nice rally in 2016 in the first half, a selloff in the second half. Now for [2017] we think gold stocks are going to be up a lot and also the bullion and silver.feedback

Brad McMillan

The real takeaway here is if the Fed is willing to start moving, they see the economy as not only doing better but likely to do better going forward. The Fed is notorious for waiting until the evidence of growth is absolutely undeniable.feedback

Janet L. Yellen - Federal Reserve System

I really liked the form of reasoning. [Economics] has a way of analyzing issues that is systematic and it appealed to the math side of me.feedback

Janet L. Yellen - Federal Reserve System

It came together that my concern about people and jobs, and my love of math, found a happy marriage in economics.feedback

John Briggs - NatWest

Now you have to have a reason not to go in June and September. If it's really bad, it's easy for them to dismiss – that it's so far out of whack, it can't be true.feedback

Janet L. Yellen - Federal Reserve System

I think most of my colleagues have decided that we should just be patient and wait to see what happens. I therefore continue to have confidence that a gradual removal of accommodation is likely to be appropriate. Unless unanticipated developments adversely affect the economic outlook, the process of scaling back accommodation likely will not be as slow as it was during the past couple of years.feedback

Janet L. Yellen - Federal Reserve System

At our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate. On the whole, the prospects for further moderate economic growth look encouraging, particularly as risks emanating from abroad appear to have receded somewhat.feedback

Janet L. Yellen - Federal Reserve System

We currently judge that it will be appropriate to gradually increase the federal funds rate if the economic data continue to come in about as we expect. Indeed, at our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate.feedback

Janet L. Yellen - Federal Reserve System

Fiscal and regulatory policies – which are of course the responsibility of the administration and the Congress – are best suited to address such adverse structural trends.feedback

Janet L. Yellen - Federal Reserve System

Given how close we are to meeting our statutory goals, and in the absence of new developments that might materially worsen the economic outlook, the process of scaling back accommodation likely will not be as slow as it was in 2015 and 2016.feedback

Janet L. Yellen - Federal Reserve System

The U.S. economy has exhibited remarkable resilience in the face of adverse shocks. I therefore continue to have confidence that a gradual removal of accommodation is likely to be appropriate. Unless unanticipated developments adversely affect the economic outlook, the process of scaling back accommodation likely will not be as slow as it was during the past couple of years.feedback

Janet L. Yellen - Federal Reserve System

The economy has essentially met the employment portion of our mandate and inflation is moving closer to our 2 percent objective. [We] realize that waiting too long to scale back some of our support could potentially require us to raise rates rapidly sometime down the road, which in turn could risk disrupting financial markets and pushing the economy into recession.feedback

Jerome Powell

I think the case for a rate increase in March has come together, and I think it's on the table for discussion.feedback

Jerome Powell

I think the case for a rate increase for March has come together, and I think it's on the table for discussion.feedback

Roberto Perli - Cornerstone Macro

I think Yellen probably still would prefer to be cautious, but it is becoming hard for her to corral the growing number of FOMC members who prefer to move when, like now, there is a clear opportunity.feedback

Thomas Simons - Jefferies

All are on the same page, including hawks and doves, and especially Dudley. Hopefully, we'll see some consistency in the commentary of Brainard tomorrow, and if we see something neutral to slightly hawkish from Yellen Friday, you'll have to lock it in. The fact you had Harker, Williams, and Dudley all basically speaking at the same time and trying to make it clear a rate hike is coming is interesting four days before the blackout begins.feedback

Andrew Liveris

All the CEOs that were here today and in the last meeting are very encouraged by the pro-business policies of President Trumpand his cabinet.feedback

Jim O'Sullivan - High Frequency Economics

The pattern (in jobless claims) is consistent with the trend in employment growth remaining strong – more than strong enough to keep the unemployment rate trending down.feedback

Richard Clarida - Pimco

March would make a lot of sense to me but if the Yellen Fed wants to get that priced in, they've got some work to do. This is a Fed that expects that if the data play out, they're going to be hiking three times this year. The only question for them is do they want to tee up the March meeting so that it's not a surprise or do they want to be really bold, not tee up the market and then hike in March.feedback

Gina Sanchez

I think the trend is still going to be for dollar strength, but I think that this dollar weakness is interesting and telling, because Yellen was really out talking the dollar up. I mean, she was making fairly hawkish comments, and that should lead to a stronger dollar.feedback

Boris Schlossberg

The market is not buying what Janet Yellen is saying. And that is actually a very, very telling sign. When the Fed chief says, pretty much unabashedly, that she's going to go to three rate hikes, and she sort of talks up the economy, and yet the market remains skeptical, that's telling me something. That tells me that both markets remain skeptical about the continuity of this potential growth as we go forward.feedback

Peter Boockvar - The Lindsey Group

They've trained the markets not to believe when they're going to raise rates. If the total tax package happens, ... earnings [go] up like 6, 7 percent. The stock market's rallied about 9 percent, so we pretty much priced in the expected earnings growth rate. What I don't think we've priced in is the offset of what happens with interest rates. It's this tug of war between fiscal stimulus and monetary headwinds.feedback

Chris Weston

What's most important here is that the market is just so comfortable with a somewhat hawkish Fed and we can even go as far as saying hawkish commentary is now being taken as an equity positive.feedback

Kathy Lien - BK Asset Management

Investors latched onto these words even though she spent more of her Congressional testimony talking about solid consumer spending, and the pickup in business and consumer confidence.feedback

Quincy Krosby - Prudential Financial

[Yellen] made it very clear that the economic data matters, and the trajectory of monetary policy is predicated on better economic data, along with inflation moving higher. We're going to be watching the data releases that come out tomorrow.feedback

Janet L. Yellen - Federal Reserve System

Nothing going on in these international discussions binds us to carry out things in our rule making process.feedback

Janet L. Yellen - Federal Reserve System

"Nothing going on in these international discussions binds us to carry out things in our rulemaking process,"feedback

Jeb Hensarling

"We must be vigilant to ensure that our central bankers do not one day become our central planners,". "There is zero evidence that zero interest rates and a bloated Fed balance sheet lead to a healthy economy.".feedback

Chris Christopher - IHS

Consumer prices have gained momentum in recent months. This is not the best thing in the world for lower-income households living paycheck to paycheck.feedback

Joel Naroff

Too many in Congress don't have a clue that there are consequences to making the changes they are proposing.feedback

Michael Feroli

We are pulling forward our expectations for the next Fed rate hike from June to May; we continue to look for two hikes this year, in May and September.feedback

Janet L. Yellen - Federal Reserve System

I think central banks all over the world have recognized that an independent central bank that can focus on the long-term health of the economy . . . gives rise to a better economic environment.feedback

Neil Massa - Manulife Asset Management

She (Yellen) has made it clear that she wants to raise rates. Before she spoke yesterday, the March meeting wasn't in play, but now that is definitely on the table and I think the numbers today bode well for her to do that.feedback

Chris Scicluna - Daiwa Capital Markets

Markets are pricing in a higher probability of a March rate hike but it's not a done deal.feedback

Jeb Hensarling

After eight years, there is zero evidence that zero interest rates and a bloated Fed balance sheet lead to a healthy economy. Clearly, Americans have a newfound expectation that our economy will grow healthier with different policies coming out of Washington.feedback

Jeb Hensarling

We must be vigilant to ensure that our central bankers do not one day become our central planners. There is zero evidence that zero interest rates and a bloated Fed balance sheet lead to a healthy economy.feedback

Janet L. Yellen - Federal Reserve System

The economy has recovered more quickly, for example, than ... European Union economies have in the aftermath of the crisis. The Federal Reserve has put in place highly accommodative monetary policies meant to spur spending in the economy and restore low unemployment or to achieve the goal of maximizing employment and price stability as assigned to us by Congress. I believe we're coming very close to achieving those objectives, and monetary policy remains accommodative. Economic growth has been quite disappointing.feedback

Elsa Lignos - RBC

"After Yellen?s testimony, CPI data are the pick of the week for the U.S.,". "The risks are skewed to a higher print, particularly given the consumer component from yesterday?s strong PPI data.".feedback

Janet L. Yellen - Federal Reserve System

The economy is recovering from a very severe crisis. We've put in place stronger financial regulation that has forced our banks to build up their capital buffers to deal with problem loans and to strengthen themselves to the point where they have been to support economic growth and recovery in our economy. The Federal Reserve has put in place highly accommodative monetary policies meant to spur spending in the economy and restore low unemployment or to achieve the goal of maximizing employment and price stability as assigned to us by Congress.feedback

Michael Fratantoni

One driver of the drop in volume last week was a sharp decrease in VA refinance applications, which fell more than 17 percent. On Feb. 1, Ginnie Mae implemented new criteria regarding the inclusion of VA-streamlined refinances in certain mortgage-backed-security pools, and this likely led to a decrease in streamlined refinances last week.feedback

Ayako Sera - Sumitomo Mitsui Trust

"There are no big factors preventing the Fed from raising rates in March. Unless the emerging markets become volatile or the U.S. economic data shows weakness, the March rate hike is highly plausible,"feedback

Janet L. Yellen - Federal Reserve System

"Changes in fiscal policy or other economic policies could potentially affect the economic outlook,"feedback

Jeb Hensarling

"After eight years there is zero evidence that zero interest rates and a bloated Fed balance sheet lead to a healthy economy,". "Clearly, American have a newfound expectation that our economy will grow healthier with different policies coming out of Washington.".feedback

Janet L. Yellen - Federal Reserve System

"I think central banks all over the world have recognized that an independent central bank that can focus on the long-term health of the economy ... gives rise to a better economic environment,"feedback

Takuya Takahashi - Daiwa Securities Group

The market took heart from Yellen's comments and such positive sentiment will likely last throughout the day.feedback

Ayako Sera - Sumitomo Mitsui Trust

There are no big factors preventing the Fed from raising rates in March. Unless the emerging markets become volatile or the U.S. economic data shows weakness, the March rate hike is highly plausible.feedback

Rodrigo Catril - National Australia Bank

Triggered a sell-off in U.S. Treasury yields and a broad dollar rally as she left the door open for a rate hike as soon as the next Federal Open Market Committee meeting in March.feedback

Avery Shenfeld

There's a nod to further tightening ahead and the risks of waiting too long, and there is a reference to the need at upcoming meetings to evaluate if the economy is evolving in a way that makes further hikes appropriate. Note the use of the plural on 'meetings,' so there was no specific allusion to a March hike in the statement, and Yellen also emphasized that any hikes will be 'gradual.feedback

Paul Christopher

People want to put money into that because they want to believe that growth will be stronger, that inflation will be more of an issue - a more normal economy, in other words. If they wanted to raise rates a third time and they wanted to start priming the pump or preparing the markets, especially the equity markets, now would be the time to do it.feedback

Janet L. Yellen - Federal Reserve System

Consumer spending has continued to rise at a healthy pace, supported by steady income gains, increases in the value of households' financial assets and homes, favorable levels of consumer sentiment, and low interest rates. Of course, it is too early to know what policy changes will be put in place or how their economic effects will unfold. While it is not my intention to opine on specific tax or spending proposals, I would point to the importance of improving the pace of longer-run economic growth and raising American living standards with policies aimed at improving productivity.feedback

Janet L. Yellen - Federal Reserve System

It's too early to know which policy changes will be put in place or how their economic affects will unfold, while it's not my intention to opine on specific tax or spending proposals, I would point to the importance of improving the pace of longer-run economic growth and raising American living standards with policies aimed at improving productivity.feedback

James J. Angel

Often politicians will want central banks to do things that are short term expedient, but long term dangerous for the economy. So, for example, politicians often want central banks to print lots of money, because in the short run printing money is like taking a drink, it feels really good, but if you print too much, you'll have an awful hangover later.feedback

Janet L. Yellen - Federal Reserve System

"At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate,". "While it is not my intention to opine on specific tax or spending proposals, I would point to the importance of improving the pace of longer-run economic growth and raising American living standards with policies aimed at improving productivity,".feedback

Janet L. Yellen - Federal Reserve System

They're lending. Lending has expanded overall by the banking system, and also to small businesses. U.S. banks are generally considered quite strong relative to their counterparts. They've built up quite a bit of capital, partly as a result of our insistence that they do so.feedback

Janet L. Yellen - Federal Reserve System

We will continue to coordinate with the Treasury Department, which is itself a member of several international forums related to financial services, such as the Financial Stability Board (FSB) and the International Association of Insurance Supervisors, as well as with the other U.S. supervisory agencies that participate in various international forums.feedback

Janet L. Yellen - Federal Reserve System

In exercising our longstanding authorities and responsibilities for consulting with our foreign counterparts, we share the objective that the whole U.S. government must work constructively to ensure a strong, stable U.S. economy and financial system. Strong regulatory standards enhance the stability of the U.S. financial system. By participating in the development of international regulatory standards, the Federal Reserve can influence the standards in ways that promote the financial stability of the United States and the competitiveness of U.S. firms.feedback

Omer Esiner - Commonwealth Foreign Exchange

The tone is overall more hawkish than what the market had expected. The market seems to be under-pricing an upcoming rate hike. This doesn't mean they will move in March, but the Fed wants to have the option to move.feedback

Janet L. Yellen - Federal Reserve System

"They're lending,". "U.S. banks are generally considered quite strong relative to their counterparts,". "They've built up quite a bit of capital, partly as a results of our insistence that they do so.".feedback

John Briggs - NatWest

She's less cautious, that's for sure. Normally, Yellen talks about downside risks. She just talked about the upside risk.feedback

Ward McCarthy - Jefferies

She's being more balanced rather than overwhelmingly dovish and consequentially means it's broadly hawkish.feedback

Janet L. Yellen - Federal Reserve System

"Changes in fiscal policy or other economic policies could potentially affect the economic outlook,". "It is too early to know what policy changes will be put in place or how their economic effects will unfold.".feedback

Janet L. Yellen - Federal Reserve System

"I would also hope that fiscal policy changes will be consistent with putting U.S. fiscal accounts on a sustainable trajectory,"feedback

Janet L. Yellen - Federal Reserve System

"Waiting too long to remove accommodation would be unwise,". "At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate".feedback

Janet L. Yellen - Federal Reserve System

Waiting too long to remove accommodation would be unwise. At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate. I can't tell you which meeting it would be. Changes in fiscal policy or other economic policies could potentially affect the economic outlook. It is too early to know what policy changes will be put in place or how their economic effects will unfold.feedback

Simon Derrick - Bank of New York

"We?re still early into the new administration so we?re yet to get details of fiscal strategy and that?s going to have an important impact on how the Fed guides policy,"feedback

Martin van Vliet - ING Group

"If Yellen wants March to be a live meeting as other Fed officials have suggested it is, she will have to adopt a more hawkish tone beyond the usual reference to data dependency,". "Currently we calculate a market implied probability of around 17 percent for a March rate hike".feedback

Kathleen Brooks - GAIN Capital

The euro is being propped up by real weakness in the pound which is allowing it to maintain its gains against the U.S. dollar. While the weaker pound is helping to lift the euro, we also saw weak data out of the euro zone today which might show that the European recovery story has hit the skids.feedback

Janet L. Yellen - Federal Reserve System

We don't want to base current policy on speculation about what may come down the line. We will wait to gain greater clarity on policy changes. We want to wait to start this process until the process of normalization is well underway. I can say emphatically, that partisan politics plays no role in our decisions about the appropriate stance of monetary policy. I believe we would have a much weaker economy if … we had followed the dictates of that rule.feedback

Simon Derrick - Bank of New York

We're still early into the new administration so we're yet to get details of fiscal strategy and that's going to have an important impact on how the Fed guides policy.feedback

Janet L. Yellen - Federal Reserve System

That's right. It's too early to know what policy changes will be put in place or how their economic effects will unfold.feedback

Janet L. Yellen - Federal Reserve System

Waiting too long to remove accommodation would be unwise, potentially requiring the (Fed) to eventually raise rates rapidly, which could risk disrupting financial markets and pushing the economy into recession.feedback

Martin van Vliet - ING Group

If Yellen wants March to be a live meeting as other Fed officials have suggested it is, she will have to adopt a more hawkish tone beyond the usual reference to data dependency, . Currently we calculate a market implied probability of around 17 percent for a March rate hike.feedback

Jakob Christensen - Danske Bank

This (inflation data) is important in that it continues a trend we have seen and fits in with this global reflation theme. 2.5 percent is still short of the 3 percent target that the central bank has but if this trend continues, the central bank will have to consider tightening monetary policy. There are some structural factors we should keep in mind - one is the impact of the fear of terrorism on tourism, and trade with Russia is also slow to pick up.feedback

Jon Faust

"There are just a lot of ways this could go wrong, like spinning off toward a trade war,"feedback

Masashi Murata - Brown Brothers Harriman

"Yellen does not need to say anything in detail. I think she'll be very cautious, so currencies might not move so much,". "She might suggest some possibility of the Fed hiking rates in March, but I think that risk is very small,".feedback

Yoshinori Shigemi - JPMorgan Asset Management

Since the Nikkei has recovered from its recent lows, investors started to be cautious about its valuations.feedback

Nick Parsons - National Australia Bank

Markets are pricing only a 22 percent probability of a March Fed move, the question is whether she wants to nudge it closer to fifty percent. The economics all suggest the dollar should be moving higher but the politics don't always play along to the same tune and we have the president's Twitter feed to contend with.feedback

Kaneo Ogino

"People are just waiting for Yellen's testimony, and depending on what she says, the dollar could test the upside again,"feedback

Chris Weston

Fundamentally, the U.S. banks are simply being used as a vehicle to express reflation and 'Trumponomics'. Although last night really belonged to Janet Yellen whose prepared comments that waiting too long to tighten would be 'unwise' and a further review its policy stance will take place at its upcoming meetings.feedback

Peter Tuz - Chase

It's actually a very wise move to try to get the rate hikes going sooner rather than later to cut off the potential for inflation, although I really don't see inflation picking up all that much over the next year or so.feedback

Alan Gayle - RidgeWorth Investments

Yellen seemed to have her dancing shoes on this morning and was able to steer clear of any comments that might upset the market. In so doing, the stock market has been able to hold onto its gains.feedback

Alan Gayle - RidgeWorth Investments

The underlying momentum in the economy remains positive, so that gives us a positive bias toward the equity market, but we also know that there is a lot of volatility just around the corner.feedback

Janet L. Yellen - Federal Reserve System

Precisely when we take an action -- March, May or June -- I can't tell you. I would say every meeting is live. I would also hope that fiscal policy changes will be consistent with putting U.S. fiscal accounts on a sustainable trajectory. While it is not my intention to opine on specific tax or spending proposals, I would point to the importance of improving the pace of longer-run economic growth and raising American living standards with policies aimed at improving productivity.feedback

Andre Bakhos - Janlyn Capital

The market is pricing in good times ahead but the question is whether the administration is going to be able to deliver on the promises made. The world listens to what Yellen has to say and her speech does have a potential to create an interesting reality check.feedback

Henry Croft - Accendo Markets

It's mostly those sectors that are more FX influenced, importing and exporting to the United States, that will be impacted (by Yellen's speech). A weaker dollar so far today has seen them fall off.feedback

Kaneo Ogino

People are just waiting for Yellen's testimony, and depending on what she says, the dollar could test the upside again.feedback

Masashi Murata - Brown Brothers Harriman

Yellen does not need to say anything in detail. I think she'll be very cautious, so currencies might not move so much. She might suggest some possibility of the Fed hiking rates in March, but I think that risk is very small.feedback

Jon Faust

There are just a lot of ways this could go wrong, like spinning off toward a trade war.feedback

Kumiko Ishikawa

The news weighed on the dollar against the yen because it's a hard situation to understand, and also to understand what kind of broader fallout it will have.feedback

Peter Boockvar - The Lindsey Group

We're increasing the probability of rate hikes. The ECB is cutting [quantitative easing] QE this year, the Bank of England is going to end QE this year and possibly raise rates. You have the Bank of Japan getting tested every night in their yield curve control experiment. I think that central banks don't matter is unrealistic.feedback

Peter Boockvar - The Lindsey Group

The market's thinking central banks aren't going to matter this year. I don't see that as realistic.feedback

Michael Arone - State Street Global Advisors

I do think the market underestimates that a bit. For 10 years, global central banks have been easing. I think she's going to want to demonstrate the need for the Fed's independence, so I expect comments on that, particularly given it's been called into question by some Republicans and even the president himself. She'll continue to talk up three rate hikes this year, and she'll continue to suggest the Fed remains on track to raise rates gradually.feedback

John Stoltzfus - Oppenheimer Holdings

I don't think Janet Yellen will provide anything of shock value. I think if she's perceived in any way of being more hawkish, it's probably because the market has had an awfully good run here. When she senses animal spirits in the market, she'll step up to the plate and indicate the Fed can raise rates as well as lower rates, and just cool the animal spirits a little.feedback

John Stoltzfus - Oppenheimer Holdings

The market is up 49 percent since that high, or 4.36 percent annualized. That's not a raging bull market. it's a recovering market and it's climbed a wall of worry. Now I think we're getting ready for a bull market because we're getting rid of the monetary policy stimulus. We're moving toward normalization and we're moving toward fiscal stimulus.feedback

Ian Lyngen

There's been a lot of chatter about how she's going to put March back on the table. Of course, she's going to say every meeting is live. I think it's a matter of nuance; how much jawboning does she attempt to do; how adamantly does she stress that a March rate hike is a possibility, how emphatically is she going to tell us each meeting is in play?feedback

David Woo - Bank of America Merrill Lynch

"A growing number of investors are worried that potential trade wars with Mexico and China could lead to tariffs and higher prices,". "With many investors having loaded up on Trump trades after the elections, their willingness to continue to give the benefit of doubt to the new administration appears to be wearing thin.".feedback

Mark Grant - Hilltop

I think what the Fed says at this point is, for all practical purposes, irrelevant, because Mr. Trump is going to be able to appoint three members of the Fed. I think they're going to be business people and the days of an academic, economist Fed are going to be over. I also believe that Trump and company, as I call them, know as they put in the infrastructure or the military expansion that there's going to be a balance to the balance sheet, and … that the new people on the Fed are going to keep interest rates low.feedback

Christopher Whalen

The Republicans are feeling their oats in terms of pushing their agenda, which goes very much contrary to what the board's been doing for the last few years. She'll defend the Fed's position in what they have done to date. But ultimately, it's not her job to tell them what to do. The institutional memory of the Fed during that battle of Dodd-Frank is when they came very close to having all their regulatory powers stripped away. They're going to have to be very aware of the political winds, because they've clearly changed.feedback

Dick Bove

The elimination of Daniel Tarullo as a force within the Fed and American banking is a very positive step toward real deregulation in core banking. It suggests that the banks will be able to operate more freely in the financial markets in obtaining funds and manufacturing products. This is a big, big plus.feedback

Dick Bove

The opportunity to rein in the Fed will exist. More importantly, the Tarullo regulations can be eased. The ability of banks to acquire raw material and make loans based on free market considerations will be enhanced. The Fed's stranglehold on the banking industry and its ability to function freely will be eased.feedback

William Lee

The new supervisory emphasis will likely reshape the way in which the Fed implements Dodd-Frank requirements to relieve smaller banks of some of the associated compliance burdens and costs. The riskiness of bank activities may play a growing role in setting capital levels, rather than stress test results.feedback

Hussein Sayed

The Fed's statement on February 1 didn't provide any additional clues on monetary policy direction, and as of last week, markets were only pricing in 13.3 percent chance for a rate hike in March and 23.7 percent in May. ... it's going to be interesting on which side will Yellen move the needle.feedback

Danielle DiMartino Booth

It is a culture where you're not allowed to raise your hand and say, You know what? There's something wrong with this picture.feedback

Koji Fukaya - FPG Securities

Trump has just taken a positive approach to tax reforms and infrastructure spending. It remains to be seen if this has any impact on Yellen, as the Trump administration's lack of policy clarity seemed like a factor that made the Fed hesitant to raise rates.feedback

Koji Fukaya - FPG Securities

"Trump has just taken a positive approach to tax reforms and infrastructure spending,". "It remains to be seen if this has any impact on Yellen, as the Trump administration's lack of policy clarity seemed like a factor that made the Fed hesitant to raise rates".feedback

David Woo - Bank of America Merrill Lynch

A growing number of investors are worried that potential trade wars with Mexico and China could lead to tariffs and higher prices. With many investors having loaded up on Trump trades after the elections, their willingness to continue to give the benefit of doubt to the new administration appears to be wearing thin.feedback

Tom Porcelli - RBC Capital Markets

Given the uncertainty of timing on the fiscal agenda and the relatively modest uptick in inflation thus far this year, we think it will be difficult for the committee to get enough members onboard for a hike in March. But Yellen could certainly move the 'perception' needle on this.feedback

Viraj Patel

Is Trumpflation back with a vengeance? Probably investors will want to wait but it does seem that all of the cards for another bull run for the dollar may be falling back into place. There can only be upside risk going into Yellen's testimony this week.feedback

Mark Zandi - Moody's Analytics

A lot of what the Federal Reserve will do this year will depend on what President Trump and Congress do, and at the moment we have no idea what will emerge from Congress. Until there is some clarity about what President Trump and Congress have in mind, I think the Fed is going to be cautious.feedback

Diane Swonk

The Fed has been pretty consistent that it wants the rate hikes to come at a gradual pace, but that could change if Fed officials believe the budget-and-tax package that Trump is pushing is too big and coming too late in the economic cycle, with the economy already at full employment. She is going to want to fly under the radar as much as possible this week.feedback

Koji Fukaya - FPG Securities

"Trump has just taken a positive approach to tax reforms and infrastructure spending. It remains to be seen if this has any impact on Yellen, as the Trump administration's lack of policy clarity seemed like a factor that made the Fed hesitant to raise rates,"feedback

Jack Ablin

I actually think Trump and Yellen are on the same page. I think they want the same thing. Let the economy run hot and drag your feet raising rates.' I don't see a lot of controversy. The controversy could be around the independence of the Fed and [Sen.] Rand Paul wanting to audit the Fed.feedback

Daniel Tarullo - Federal Reserve

On or around April 5. It has been a great privilege to work with former Chairman Bernanke and Chair Yellen during such a challenging period.feedback

Justin Lederer - Cantor Fitzgerald

You have Yellen, and we have to wait two or three weeks to see what the tax announcement looks like.feedback

Peter Boockvar - The Lindsey Group

I think ideally, [Fed Chair Janet] Yellen, in her models, wants to raise three times for the next three years and get to her magic 3 percent. They said they're not even going to raise once until June. I think she is going to be a little more hawkish next week. I think she wants to give herself flexibility that March is a real possibility. [And] I think the market is not set up for that.feedback

John Briggs - NatWest

Yellen is next week. So what's going to entice you to put capital to work right now, and we're in fiscal limbo and any large decisions you make can get turned around.feedback

Peter Boockvar - The Lindsey Group

Regardless of what Harker thinks we know that it really only matters what Yellen, Fischer and Dudley think. As its clear that the Fed only likes to raise rates on days where there is a press conference and they are scheduled for 4 this year at the same time they want to hike 3 times, they better get moving then. We still are calling for a March hike but the fed funds futures market barely blinked after Harker.feedback

Michael Metcalfe - State Street Global Markets

While inflation is forecast to rise sharply later this year, online measures of inflation warn that it is already a growing concern. The good news, is even the possibility of an interest rate hike in 2017 may lend some support to sterling, the weakness of which has been one of the main drivers of higher inflation.feedback

Jeremy Klein - FBN Securities

No one anticipates that Janet Yellen will add restrictive measure at 2 p.m.. However, analysts will search for clues for whether the Committee has an inclination to do so in six weeks. The limitations of the text give the FOMC little opportunity this afternoon to convey a discernible shift of sentiment within its ivory tower. Using the futures market as a guide, investors currently estimate the probability of adding restrictive measures at the next gathering at 36 percent. As a reminder, the 'dot plots' extrapolate to three separate rounds of tightening for 2017.feedback

Craig Erlam

In the absence of a press conference with Chair Janet Yellen following today's announcement, investors will be left to pour over the statement that it released alongside the decision to see whether views have changed on the path of interest rates this year since the last meeting. Given that the Fed is none-the-wiser when it comes to President Donald Trump's spending and tax plans, I would imagine the views of policy makers will be unchanged since the middle of December and they will reiterate an intention to hike three times.feedback

David Bahnsen

Yellen kind of had control of where things were going all by herself, and now we see President Trump and the postelection kind of movement and this anticipation, that's really running the show. What happens when we get these two forces going against each other, is perhaps some movement forward in fiscal stimulus and then some tightening in monetary. That's our big thesis that we think 2017 has. We don't know is what that tug of war between the two persons will look like.feedback

Larry McDonald - Amazon.com

There's disconnect between [Fed Chair] Janet Yellen and the Fed and Trump. This past week we saw something very interesting. Yellen was talking the dollar up and Trump was talking the dollar down. That's highly unusual, so the market's going to be looking if there's a continuation of that disconnect.feedback

Wang Chunying - State Administration of Foreign Exchange

The process of U.S. Fed rate rises as well as the strengthening of the U.S. dollar needs more observation. As everyone remembers, the Fed was widely expected to raise rates three or four times in 2016 after the rate increase at the end of 2015, but it only raised it once.feedback

Koji Fukaya - FPG Securities

Yellen did not particularly talk about speeding up the pace of rate hikes, which may have sounded as less hawkish for some.feedback

Peter Boockvar - The Lindsey Group

As seen in the US treasury market response to a still dovish Janet Yellen and the rise in rates after her speech, the same thing is happening in longer term bonds in Europe after the very dovish commentary from Mario Draghi.feedback

Janet L. Yellen - Federal Reserve System

It's fair to say, the economy is near maximum employment and inflation is moving toward our goal. As the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support.feedback

Thomas Simons - Jefferies

After the weekend and Monday, it's going to be very interesting. What happens when we get to brass tacks will be interesting for sure.feedback

Aaron Kohli - BMO Capital Markets

She certainly gave the market a big push. Just looking at March probabilities, they went form an 18 percent chance (of a rate hike) to 25. The market went from pricing slightly less than two hikes to slightly more than two hikes in 2017.feedback

Thomas Simons - Jefferies

Next week we'll have 2-, 5- and 7-year auctions, a little bit of supply, and a light data week, so the focus is going to be on Trump, and for the most part, the first stuff that comes out of the gate is probably going to be (bond) market negative and it will be risk positive.feedback

Thomas Simons - Jefferies

I don't think we're going to see a huge surge in optimism again. We're not going to get another leg off of it, but I also don't think we're going to go back to where we were in October.feedback

Aaron Kohli - BMO Capital Markets

There's a short base that will get even bolder if rates get to that level. I think it's very possible you get that kind of spike up. What I would suggest is as soon as that happens you might go the other way.feedback

Simon Quijano-Evans - Commerzbank

Essentially the big part is how much they will actually hike this year - instead of two (rate rises) it could be three now. It does indicate that U.S. dollar strength seems to be staying in place, whether that is being driven by the reflation story in the U.S. or resulting from a more hawkish Fed, does not really matter.feedback

Jeremy Stretch - CIBC World Markets

It will be interesting to see whether (ECB President Mario) Draghi is pressed in the briefing on any degree of dissent within the council.feedback

Jeremy Stretch - CIBC World Markets

We have washed out a few positions this week and we're back to thinking about the underlying fundamentals, . Yellen's comments are interesting and constructive overall ... but the market does not want to be caught long ahead of the president-elect speaking (on Friday). For now it is cautious dollar buying rather than anything stronger.feedback

Masahiro Ayukai - Mitsubishi UFJ Morgan Stanley Securities

Yellen spelled out fairly clearly that the Fed is going to raise rates a few times a year to three percent.feedback

Kit Juckes

Of all the speakers we're getting, either from Davos or from less ostentatious spots, the one I'm going to listen to most for now will probably still be Janet Yellen. As the U.S. economy approaches full employment, as wages rise but inflation rises nearly as quickly, how hawkish the Fed dares to be will determine how much the dollar rises.feedback

Kathy Lien - BK Asset Management

Unless Donald Trump attacks the dollar again on Friday, we have seen the end to a month of losses in the greenback.feedback

Janet L. Yellen - Federal Reserve System

Figuring out what the neutral interest rate is and setting the right path toward it is not like setting the thermostat in a house: You can't just set the temperature at 68 degrees and walk away.feedback

Junya Tanase - JPMorgan Chase Bank

If the US government officials further talk down the US dollar, the greenback could weaken and the correlation to the interest rate differentials may end.feedback

John Doyle

It just adds to the Fed's story and an argument that the economy is ready to weather interest rate hikes.feedback

John Canally - LPL Financial

The market's kind of treading water. We're in a tight narrow range here and we haven't really busted out of the range in a while. Once the earnings season heats up, once we get past the inauguration, maybe you'll get some sort of movement once companies start to give guidance.feedback

Janet L. Yellen - Federal Reserve System

We will factor (any changes in economic policy) into the outlook and take account of their impact on what we need to do to achieve our dual mandate objectives.feedback

Joe Manimbo

The chair's remarks were consistent with the Fed adopting a quicker pace of tightening this year, a backdrop that's bullish for the dollar. I didn't see any increase in bullishness or hawkishness in her remarks today, but given the dollar's difficulties over the past couple days it shined a spotlight on rosy U.S. fundamentals, which are supportive of the U.S. currency.feedback

Janet L. Yellen - Federal Reserve System

Our foot remains on the pedal in part because we want to make sure the economic expansion remains strong enough to withstand an unexpected shock, given that we don't have much room to cut interest rates.feedback

Masashi Murata - Brown Brothers Harriman

Markets cannot be too optimistic about the UK parliament having the final vote. Brexit, hard or not, will weigh on the UK economy.feedback

Masashi Murata - Brown Brothers Harriman

The pound is still on a downward trend according to the technical analysis, compared to the highs marked in September and December last year.feedback

Stephen Stanley - Amherst

It seems like it will have a kind of dovish tint to it. Yellen is speaking a couple of times and Brainard. It felt kind of hawkish this week. I don't know if that's who is speaking or the general feel of the committee now. We'll know that next week.feedback

Jim Vogel

The broad anticipation was for hawkish thinking in particular with regard to inflation risk. But instead it turned out that the meeting talked a great deal about how to anticipate and plan for potential fiscal stimulus. That was something that (Fed Chair) Yellen appeared to downplay in the December press conference.feedback

Thomas Simons - Jefferies

Janet Yellen said some members built fiscal stimulus into their forecasts. She didn't say how many there were and what it means. How do they look at 2017? How do they view the risks given the new administration and what does that mean for policy response? That was the biggest question I had coming out of the last meeting.feedback

Greg Valliere

Trump is inclined to appoint critics of Janet Yellen, and I would view this as part of his long-range plan to get rid of her.feedback

Janet L. Yellen - Federal Reserve System

Economists are not certain about many things. But we are quite certain that a college diploma or an advanced degree is a key to economic success. Those with a college degree are more likely to find a job, keep a job, have higher job satisfaction and earn a higher salary.feedback

Alvin Tan

The biggest impact you see from the attacks in Berlin and Istanbul is the Swiss franc/euro. But apart from that the dollar continues to be strong after we had some rather positive comments from Janet Yellen.feedback

Janet L. Yellen - Federal Reserve System

The drivers of this increasing demand for those with college and graduate degrees are likely to continue to be important.feedback

Eric Viloria - Wells Fargo Securities

It seems like (Yellen) is acknowledging the continued improvement in the jobs market. That's pretty consistent with what she and other policymakers have been saying.feedback

Hussein Sayed

Although I believe that the market has run a little ahead of itself, as long as there's no bad news, this momentum trade can record new tops. For the rally to be justifiable in the longer run, we require earning expectations to overshoot, and this is still missing from the equation.feedback

Megane Greene - Roubini Global Economics

We couldn't get to sustained 4 percent growth even if we really tried. Let's pretend that Trump does get all of his stimulus. That will help around the edges, but it won't fundamentally change potential GDP growth in the United States. A massive stimulus probably wouldn't hit the real economy until 2018 or 2019, and then it would be just a sugar boost that quickly peters out.feedback

Ed Keon

I'm sure that the president-elect would like to have his pro-growth agenda not be killed in the cradle by the Federal Reserve. He's fortunate to have a chair at the Federal Reserve who shares a similar set of ideas about how the U.S. economy should perform to reach a greater percentage of people in the next couple of years.feedback

Ed Keon

Actually there's a good chance that [it] will, despite some friction, be a positive relationship for both of them. They both have a similar agenda in trying to improve the lives of people who have been left behind by improvements in markets and the economy over the past few years.feedback

Janet L. Yellen - Federal Reserve System

I'm a strong believer in the independence of the Fed. We have been given the independence by Congress to make decisions about monetary policy in pursuit of our dual mandate objectives of maximum employment and [minimum] inflation. That's what I intend to stay focused on, that's what the committee is focused on.feedback

Quincy Krosby - Prudential Financial

Going into this, there were so many questions about what could the Fed say that could be a road block to Dow 20,000. I guess the Fed was more hawkish than the market had wanted even though Janet Yellen at the press conference basically said we're data dependent, and we don't know what the future holds in terms of stimulus and tax cuts.feedback

Janet L. Yellen - Federal Reserve System

Some of the participants, but not all of the participants, did incorporate some assumption of a change in fiscal policy into their projections, and that may have been a factor that was one of several that occasioned the shifts.feedback

Janet L. Yellen - Federal Reserve System

I believe my predecessor and I called for fiscal stimulus when the unemployment rate was substantially higher than it is now. So I would say at this point that fiscal policy is not obviously needed to provide stimulus to help us get back to full employment.feedback

Janet L. Yellen - Federal Reserve System

I think it's very important that we have reduced the odds that a systemically important firm could fail by requiring higher capital, higher liquidity, by performing stress tests that provide is another way of insuring that the firms we count on to supply credit to households and businesses would be able to go on doing that even in the face of a severely adverse shock.feedback

Janet L. Yellen - Federal Reserve System

I would say that fiscal stimulus is not obviously needed to get us back to full employment - but I'm not giving advice to the new administration.feedback

James Marple

The move up is a signal that the Fed has become more confident in the economic outlook and that inflation will increasingly track closer to the 2 percent target.feedback

Greg McBride

This single quarter-point move in interest rates will go largely unnoticed at the household level, but coupled with last year's hike, the cumulative effect could mount quickly if the Fed quickens the pace of rate hikes in 2017.feedback

Janet L. Yellen - Federal Reserve System

I believe my predecessor and I called for fiscal stimulus when the unemployment rate was substantially higher than it is now.feedback

Nicolas Forest

Janet Yellen is in a corner for the December meeting. She has to hike interest rates but the dollar is strong, so she has to decide between a dovish and a hawkish hike.feedback

Michael Hewson - CMC Markets

Last year the Fed guided the markets to expect at least four rate rises this year, guidance that proved to be woefully wide of the mark, and it is likely that they won't want to make the same mistake again. That suggests that Fed chief Janet Yellen can expect some serious cross-examination of how the FOMC (Federal Open Market Committee) view not only the economy, but also President elect Donald Trump's plans for it.feedback

Jim Cramer

As of the end of September, Hess remains Elliott's third largest position, and they're Hess's second largest shareholder, but to use less diplomatic language, this investment has been disastrous.feedback

Tom Jorden - Cimarex Energy Company

What we're hoping for out of the federal government are compliance partners to work with us and not just enforcing these regulations. We can live with whatever regulatory environment that the U.S. wants to establish, [and] we're going to comply fully, but some of these regulations are horribly complex and we look forward to a compliance partner out of the federal government.feedback

Jim Cramer

With all of the money pouring from bonds into stocks, I'm not sure if that source of funds argument is as central as I initially thought.feedback

Jeremy Klein - FBN Securities

Although the Fed will likely add restrictive measures for only the second time in a decade, the announcement arguably has far less uncertainty surrounding it than usual. Janet Yellen and her colleagues have unambiguously signaled a desire to pull the trigger at its next gathering and will surprise no one by doing so.feedback

Ned Naylor-Leyland

Right now, people are expecting, for some reason, more rate hikes than inflation even though (Fed Chair Janet) Yellen has explicitly said that the pace of rate hikes will undershoot inflation.feedback

Janet L. Yellen - Federal Reserve System

There is clear evidence of better outcomes in countries where central banks can take the long view, are not subject to short-term political pressures. Sometimes central banks need to do things that are not immediately popular.feedback

Jeremy Klein - FBN Securities

Janet Yellen will add restrictive measures in December and has an unambiguous intention to do so on two separated occasions in 2017. However, her pace toward normalization still trails that for expectations for inflation which will allow the yield curve to steepen further to encourage financial institutions to lend to both businesses and individuals.feedback

Jim Paulsen - Wells Fargo Asset Management

One thing that's been AWOL the entire recovery ... has been animal spirit behaviors, and I think that has a lot to do with lack of confidence in the future, and that has a lot to do with the deflationary abyss. That could be coupled with some behaviors that we just haven't seen that could really bring a good feel to the whole thing for a while.feedback

Alan Rechtschaffen - UBS Wealth Management

The No. 1 tool the Fed has always had is to manage inflation expectations. If they can do that in a way that tempers the enthusiasm somewhat, the president can accomplish many of his goals of funding a fiscal program – a balancing act that could be extremely successful.feedback

Alan Rechtschaffen - UBS Wealth Management

What would be extremely helpful to the economy as a whole would be for the Fed to recognize the fiscal approach of the new administration and be able to foster that. Janet Yellen's speech where she talks about a high-pressure economy gives us an indication or a window into her desire to do that.feedback

Quincy Krosby - Prudential Financial

If you have an economy that's being reflated but productivity hasn't picked up, then all of the stimulus that comes from the fiscal side is negated by rates moving higher. What you want to see is real growth. You want to see productivity picking up, because that's the basis of growth.feedback

Naeem Aslam - AvaTrade

The dollar rally has taken to another level on the back of the US durable good data which was really stunning and mind blowing. The economy is strong and the data is telling you that clearly. The question is how much attention the Fed is going to pay in relation to their future path of interest rate hike. Under the current situation, we expect the Fed to remain very hawkish during the first quarter of 2017.feedback

Kaneo Ogino

The economic figures were better than expected, which also pushed up chances of an interest rate hike next month, to nearly 100 percent, with more hikes possible after that.feedback

Thomas Simons - Jefferies

You get the minutes at 2 o'clock for whoever is left. They made it pretty clear in November that we were close to a hike, and I think [Fed Chair Janet] Yellen sealed the deal when she went before the [Joint Economic Committee] saying the election didn't have an impact on the outlook.feedback

Mark Hamrick

If you come at it from a common sense approach, there is a proverbial low-hanging fruit at the top of that list. Everybody from (Fed Chair) Janet Yellen on down has said there is a concern that those smaller financial companies have had a difficult time competing in the wake of the new law's enactment.feedback

Kathy Lien - BK Asset Management

(Investors) unwound positions immediately after his victory and laid on fresh long dollar, long stock trades.feedback

Olivier Korber

With lasting policy uncertainty and potential protectionism, there are probably enough ingredients to consider the risk of massive new dollar appreciation. If the negative political surprises don't stop there and have a far more dramatic impact on Europe, the euro could fall much more.feedback

Richard Cochinos - Citi

There are expectations for tax cuts next year – which were part of the Trump campaign's promises – and then there's also the idea of what type of fiscal boost are you going to have. That's what's driving asset prices – it's people's expectations for the fiscal impulse next year.feedback

Richard Cochinos - Citi

What we're looking at is a broad shift of investment back to the U.S. There are expectations for tax cuts next year - which were part of the Trump campaign's promises - and then there's also the idea of what type of fiscal boost are you going to have. That's what's driving asset prices - it's people's expectations for the fiscal impulse next year.feedback

Janet L. Yellen - Federal Reserve System

The evidence we have seen since we met in November is consistent with our expectation of strengthening growth and improving labor markets and inflation moving up. The risk of falling behind the curve in the near future appears limited.feedback

Janet L. Yellen - Federal Reserve System

At our meeting earlier this month, the committee judged that the case for an increase in the target range had continued to strengthen and that such an increase could well become appropriate relatively soon if incoming data provide some further evidence of continued progress toward the Committee's objectives.feedback

Dawn Fitzpatrick - UBS

I really hope Trump doesn't politicize the Federal Reserve. I think Yellen is doing actually a very good job.feedback

Vinod Nair - Geojit BNP Paribas

There is a major liquidity issue in the domestic market due to the banknotes action and the volatility in the rupee because of rising U.S. bond yields will likely continue for some time. The 8,000 level for Nifty is very important, but the risk of it falling below that mark will be there as the market will continue to remain cautious for a while amid domestic and global uncertainties.feedback

Sue Trinh - RBC Capital Markets

It's the same theme, which is continued backing up of U.S. yields as the market reprices the prospects of Federal Reserve rate hikes. Those who were non-believers of a December hike have now moved into that camp, us included.feedback

Michael Feroli

Yellen's testimony before Congress . . . further cemented in place expectations that the Fed will hike rates next month.feedback

Tapas Strickland

The boost to equities and to the U.S. dollar continued overnight, driven by comments from U.S. Fed Chair (Janet) Yellen and supported by strong U.S. economic data.feedback

Luke Bartholomew - Aberdeen Asset Management

Yellen is saying it's full steam ahead for a Fed hike in December. The big question is what happens after that. Trump's election has given investors plenty of reason to question the lower for longer mantra.feedback

Kaneo Ogino

Everybody wants to buy the dollar on dips, and is waiting for dips, but there is no dip. The Trump rally can continue, unless some cautious comments come out from the U.S. side.feedback

Erik Wytenus - JP Morgan Private Bank

The Fed though is sensitive to the strength of the dollar and they don't want to hike too far too quickly.feedback

Janet L. Yellen - Federal Reserve System

When there is greater clarity about the economic policies that might be put into effect the (Federal Open Market Committee) will have to factor those assessments of their impact on employment and inflation and perhaps adjust our outlook.feedback

Janet L. Yellen - Federal Reserve System

The progress in the labour market has continued and economic activity has picked up from the modest pace seen in the first half of this year. And inflation, while still below the Committee's 2.0 percent objective, has increased somewhat since earlier this year.feedback

Erik Wytenus - JP Morgan Private Bank

A December rate hike is priced in. A number of Fed speakers have indicated that and they want the market to be prepared for when they do. The Fed, though, is sensitive to the strength of the dollar and they don't want to hike too far too quickly.feedback

Janet L. Yellen - Federal Reserve System

I wouldn't agree that the Fed's monetary policy has hampered business investment or been a negative factor. I'm not aware of any evidence that suggests that it is.feedback

Janet L. Yellen - Federal Reserve System

It's not clear in my mind why it is that investment spending has been as weak as it is. Initially, we had an economy with a lot of excess capacity. Firms were clearly operating without enough sales to justify a need to invest in additional capacity, and more recently with the economy moving toward full employment, we would expect to see investment spending pick up, and it's not obvious exactly why it hasn't picked up.feedback

Janet L. Yellen - Federal Reserve System

The appropriate path for the federal funds rate will change in response to changes to the outlook.feedback

Louis Gargour - LNG Capital

"I have been long the dollar against the euro for three days". "$1.05 is not out of the question. Will I be in the trade that long (until Trump's inauguration), maybe not. Let's look at the cabinet, let's look at who he puts in place and whether his policy will be as good (for the dollar) as people expect".feedback

Janet L. Yellen - Federal Reserve System

With the federal funds rate currently only somewhat below estimates of the neutral rate, the stance of monetary policy is likely moderately accommodative, which is appropriate to foster further progress toward the FOMC's objectives.feedback

Janet L. Yellen - Federal Reserve System

I would not want to see the clock turned back on all the improvements we have made.feedback

Janet L. Yellen - Federal Reserve System

Because monetary policy is only moderately accommodative, the risk of falling behind the curve in the near future appears limited, and gradual increases in the federal funds rate will likely be sufficient to get to a neutral policy stance over the next few years.feedback

Chris Beauchamp

With chances of a rate hike now at 94 per cent for December, there is a risk that the Fed's leader could spark a bout of dollar weakness if she so much as hints at the possibility that the central bank won't move in December. Thus, currencies like the yen and the euro, which have fallen hard over the past few days against the U.S. dollar, could be due a decent bounce, with worrying consequences for equity markets in those countries.feedback

Chris Beauchamp

Thus, currencies like the yen and the euro, which have fallen hard over the past few days against the U.S. dollar, could be due a decent bounce, with worrying consequences for equity markets in those countries.feedback

Per Hammarlund

(Yellen) has been quite consistent on her message that the U.S. needs to hike rates gradually. She may hold out the possibility of future change, depending on the program of the next government - because it is still so uncertain what he will actually get through Congress. It depends how well he spends his political capital.feedback

Ipek Ozkardeskaya

Despite the remarkable sell-off in the U.S. bond markets and the rising inflation expectations, Janet Yellen is expected to sound cautious and to refrain from giving too much credit to recent turbulences in the financial markets. This is the major downside risk in the U.S. and global equity markets today.feedback

Janet L. Yellen - Federal Reserve System

Were the FOMC to delay increases in the federal funds rate for too long, it could end up having to tighten policy relatively abruptly to keep the economy from significantly overshooting both of the Committee's longer-run policy goals. Moreover, holding the federal funds rate at its current level for too long could also encourage excessive risk-taking and ultimately undermine financial stability.feedback

Greg Valliere

I would think given the opportunity, she would try to steer people away from any legislation that would curb the Fed's authority. I think the House is going to move on something next year, at least an audit.feedback

Scott Redler

Typically when you hit the tightest range bar, you get some expansion. The question is which way does it break. It still looks like it's going to be higher. If the S&P goes above 2,181 and holds, we should be seeing new highs by the weekend. If it doesn't hold, and we trade back to 2171, new highs might be more toward Santa Claus rather than Thanksgiving.feedback

Thomas Simons - Jefferies

I'd like to hear a clear signal that we're going to get a rate hike in December and the outlook. But things are going to be so politically charged that it's hard to know if we're going to get any useful information out of it. I think Republicans will be galvanized by the win and the fact they are at the helm now.feedback

Daniel Clifton

I think it's going to be a lot of battling. … Donald Trump wins the election and all of a sudden interest rates start to go higher, and people think the economy is going to get better. …The market is starting to like this and she's going to be caught up in questions about why this is happening.feedback

Daniel Clifton

You're going to hear a lot about infrastructure spending. You're going to hear a lot about tax reform. This is the first debate we're going to have on public policy for 2017.feedback

Thomas Simons - Jefferies

Meanwhile, the Democrats are going to try to be picking apart Trump's economic plan just because this is the forum to do that.feedback

Greg Valliere

She's not going to encourage that kind of speculation. She knows she has 15 months to go.feedback

Greg Valliere

I think the real concern is whether Trump aligns himself with people who want to curb the Fed's authority. If there's one appointment that would send a chill through the Fed it would be Jeb Hensarling, and I think that would send an alarm through the Federal Reserve and maybe be viewed by concern in the financial markets.feedback

Thomas Simons - Jefferies

At 8:30 [a.m.], you get CPI, housing starts, Philly Fed and claims. All of that is 30 minutes after we get the text of Yellen's speech too.feedback

Margaret Yang - CMC Markets

The greatest uncertainties, namely the election and the Fed rate hike, were significantly reduced over the last two weeks, which gave the market a good reason to refocus on the fundamentals of economic and corporate earnings.feedback

Louis Gargour - LNG Capital

I have been long the dollar against the euro for three days. $1.05 is not out of the question. Will I be in the trade that long (until Trump's inauguration), maybe not. Let's look at the cabinet, let's look at who he puts in place and whether his policy will be as good (for the dollar) as people expect.feedback

Hussein Sayed

Markets are more interested in Yellen's view on the economic effects of Trump's proposed fiscal policies.feedback

Eddie Perkin - Eaton Vance

The market is still adjusting to the reality of the elections and what that might mean. I think the market has gotten a little bit ahead of itself - there is an expectation that inflation is coming, that rate hikes are coming, but I'm not completely convinced of that.feedback

Shinichiro Kadota - Barclays

Rises in U.S. yields have been a significant factor behind the dollar's strength, but since that has started to calm down for now, moves in the dollar against yen have also settled down.feedback

Naeem Aslam - AvaTrade

The December interest rate hike is very much a done deal now and what matter the most for us is to listen to the Fed statement carefully (in December) as this will provide enough clues for future interest rate hike trajectory.feedback

Mark Cabana - Bank of America Merrill Lynch

We do think all of this means the Fed will likely have to be more active. We are going to hear from Chair (Janet) Yellen this week. She is likely to reiterate a December hike is on the table, and any type of fiscal stimulus will be well received.feedback

Stanley Fischer - Federal Reserve System

On more expansionary fiscal policy, I think many members of Open Market Committee and Federal Reserve Board have commented that it would be useful to have a more expansionary fiscal policy. These statements were made over several months recently. I'm on record with that as having believed that.feedback

David Wessel

The only reason Yellen would quit is if (Trump) put people on the board she found offensive. Or she was being outvoted.feedback

David Wessel

In my experience, there are not many people who get elected president who press the Fed to raise interest rates.feedback

James Pethokoukis

I think it's plausible that she would find this an intolerable situation where she not only doesn't have the confidence of the president, but that he thinks she's undermined the credibility and independence of the Fed.feedback

George Saravelos - Deutsche Bank

It is reasonable to assume that the Fed may put December rate hike preparations on hold until more clarity is reached on the data, but even more importantly the market will be looking for confirmation that Chair Yellen will not resign. Trump has been particularly critical of her term so policy continuity will be particularly important.feedback

Carlo Messina - Intesa Sanpaolo

The main point is that this stops uncertainty so now we have a president and we have to deal with the situation and in reality U.S. is a country of big institutional investors, big pension funds. At the end, from a macro point of view, you can have a devaluation of the dollar and the postponement of the U.S. interest rate hike from Federal Reserve.feedback

Paul Ashworth - Capital Economics

Given the adverse market reaction we have already seen, the Fed's planned December rate hike is now off the table. There is a possibility that Fed Chair Janet Yellen and even some other Fed Governors (Lael Brainard??) will resign immediately.feedback

Ward McCarthy - Jefferies

It would have been bad for (Fed Chair) Janet Yellen if you had two consecutive meetings with three dissents. It looks like there was probably some kind of agreement on the language and he backed away.feedback

Diane Swonk

Yellen wants to run a high-pressure economy by overshooting inflation and pushing the unemployment rate lower. She wants to hedge against another recession.feedback

Won Sohn - Csu

In the midst of an election, the last thing the Fed wants to do is add fuel to all the political controversy from the candidates.feedback

Lewis Alexander - Treasury

They will probably want to do something like have [Fed Chair Janet] Yellen give some relatively high-profile speech a couple weeks before the [December] meeting. That's probably a better way than putting something in the statement that inevitably is going to be pretty cryptic.feedback

Naeem Aslam - AvaTrade

It is difficult to compare Mario Draghi with Janet Yellen, Carney or Kuroda because he is in charge of a lot of countries. He has to face the music from Germany, France with respect to his policies – the two countries which have made the most noise.feedback

Donald Luskin - Trend Macrolytics

It's hilarious that Yellen thinks, at this point, she has the power to wave a magic wand and 'run a high-pressure economy.feedback

Michael Feroli

It's widely understood that it would be politically treacherous for the Fed to hike just before a very heated election.feedback

Harry Tchilinguirian - BNP Paribas

The Fed is going to have to move. They painted themselves into a corner so they've been looking excuses all year long: Chinese equity markets at the beginning of the year, Brexit, U.S. elections. At this point in time, they are not going to go in November, but Janet Yellen is going to have to pull the trigger in December.feedback

Jim Paulsen - Wells Fargo Asset Management

I think it's risky. One of the things that scares me in general about where we're at with interest rates is it seems everyone has accepted the lower-for-longer (position), including the Federal Reserve. When there's that big a consensus on anything, it always frightens me.feedback

Nicholas Colas - ConvergeX

The bottom line is that, like a fire hose, a high-pressure economy is hard to control. And while it is a historically rare occurrence, a cold dousing for U.S. stocks and bonds may be one of its unintended consequences.feedback

Quincy Krosby - Prudential Financial

You have to wonder. Despite the fact that the economic data has been decidedly mixed, she has been telegraphing a rate hike. You have to ask whether she wants a rate hike for a different reason.feedback

Jim Paulsen - Wells Fargo Asset Management

I've heard similar thought, that maybe this is all posturing by Yellen and a few others that don't want to be forced to move too fast or too aggressively to tighten.feedback

Diane Swonk

If they do put it in, I think it would reduce the number of dissents. I don't think Janet Yellen minds having a pretty big showdown, even with her own vice chairman.feedback

Stanley Fischer - Federal Reserve System

The limitation on monetary policy imposed by low trend interest rates could therefore lead to longer and deeper recessions when the economy is hit by negative shocks.feedback

David Mericle - Goldman Sachs Group

Fed officials who believe that there is a clear trade-off between running a high-pressure economy and the expected duration of the expansion are unlikely to be persuaded by these benefits.feedback

Doug Roberts

Despite the fact that rates were not raised at the September FOMC meeting as we predicted, the truce at Federal Reserve has never been more tenuous and appears to be on the verge of an outright civil war. The truce between hawks and doves is now being renegotiated.feedback

Doug Roberts

At this point there is a civil war, and the consensus is, the hawks are saying 'We'll allow you to raise rates very slowly, we just want you to start raising rates'. What the new (consensus) will look like is being renegotiated. ... That, to me, is going to act as an overhang for the market.feedback

David Mericle - Goldman Sachs Group

[I]t is hard to have great confidence in the productivity benefits of a high-pressure economy.feedback

Janet L. Yellen - Federal Reserve System

We were not really certain that this is something that would happen. The economy has a little more room to run than might have been previously thought.feedback

Jeffrey Gundlach

There seems to be sort of a battle royal going on with the market kind of dipping below 2130 but unable to close below that level. I would turn particularly negative if the S&P closed twice below 2130.feedback

Jeffrey Gundlach

It seems to me that Janet Yellen doesn't really want to raise rates, at least not very much.feedback

Masahiro Ichikawa - Sumitomo Mitsui Asset Management

Yellen's remarks are likely to lift Japanese bond yields too, which should support financial shares. The Nikkei is likely to be supported by a weak yen as well on the whole.feedback

William Dudley - Federal Reserve Bank of New York

I think if the economy continues to evolve along the path we expect, I'd expect we'll be raising interest rates relatively soon.feedback

David Keeble - Credit Agricole Corporate and Investment Bank

Maybe she is preparing for a December rate hike, but she doesn't want the market to run ahead of her ... She doesn't mind more inflation that's why the U.S. yield curve is steepening.feedback

Lou Brien

China giveth and China taketh away. This being the Halloween season, the markets are almost looking for something to spook them.feedback

Janet L. Yellen - Federal Reserve System

Increased business sales would almost certainly raise the productive capacity of the economy by encouraging additional capital spending. In addition, a tight labor market might draw in potential workers who would otherwise sit on the sidelines and encourage job-to-job transitions that could also lead to more efficient – and, hence, more productive – job matches.feedback

Christian Lenk - DZ Bank

I think markets are trying to find a new equilibrium, and the 5 basis point yield (for German 10-year Bunds) is the point at which the sell-off seems to consolidate.feedback

Christian Lenk - DZ Bank

There is a bit of nervousness ahead of Yellen's speech, and with the European Central Bank meeting next week. An increasing number of Fed members are pushing for a December hike, but there always remains the uncertainty of 'data dependency', so Yellen's speech today will be watched to see which way she is leaning.feedback

Janet L. Yellen - Federal Reserve System

Research by Federal Reserve staff suggests that, all told, U.S. monetary policy spillovers to other economies are positive – that is, policies designed to provide stimulus to the U.S. economy also boost activity abroad, as negative effects of dollar depreciation are offset by positive effects of higher U.S. imports and easier foreign financial conditions.feedback

Peter Boockvar - The Lindsey Group

The minutes told us nothing. We came out of the last meeting and, in the press conference, Yellen said the case for a rate hike had strengthened. Nothing seems to have changed that based on a lot of the speeches. We know it was a close call based on three dissenters, and the minutes basically confirmed that.feedback

Jeffrey Gundlach

I didn't hear, We are going to tighten in December. I think she is concerned about the trend of economic growth. GDP is not doing what they want.feedback

Jeffrey Gundlach

Inflation can go to 3 percent, if the Fed thinks this is temporary. Yellen is thinking independently and willing to act on what she thinks.feedback

Jeffrey Gundlach

GDP Now keeps fading away. If we get only 1.9 percent GDP for third - and fourth quarters - we are looking at only 1.5 percent GDP this year.feedback

Janet L. Yellen - Federal Reserve System

If strong economic conditions can partially reverse supply-side damage after it has occurred, then policymakers may want to aim at being more accommodative during recoveries than would be called for under the traditional view that supply is largely independent of demand.feedback

Janet L. Yellen - Federal Reserve System

This post-crisis experience suggests that changes in aggregate demand may have an appreciable, persistent effect on aggregate supply - that is, on potential output.feedback

Masashi Murata - Brown Brothers Harriman

Expectations of a Fed hike this year or next year aren't enough of an incentive to buy the dollar far above these levels. It's kind of like a tug-of-war, so the current level around 104 might be the highest level today, and some market participants might try to sell the dollar against the yen ahead of the retail sales.feedback

Bill Northey

There were three dissents, but the market has been jawboned into believing the Fed will raise rates in December.feedback

Chris Rupkey - MUFG Union Bank

The meeting minutes make plain that the case for a rate hike was a close call and it looks like the only way [Federal Reserve Chairman Janet] Yellen could hold down the get-going voices of the hawks was to promise them a rate hike later this year. At this point there would have to be some very weak economic data for the Fed not to raise rates in December.feedback

Quincy Krosby - Prudential Financial

Still, the dovish case was made forcefully in the minutes, as was the hawkish case. We remain where we were: a market still betting Chair Yellen wants a hike in December. Mark your calendar for December 13-14 to see if Yellen sticks to the message she's been telegraphing since Jackson Hole.feedback

Quincy Krosby - Prudential Financial

We remain where we were: a market still betting Chair (Janet) Yellen wants a hike in December.feedback

Craig Erlam

Obviously, that could all change and investors have previously jumped at the opportunity to abandon the rate hike ship but I doubt that will happen today. Three of the 10 voting FOMC members dissented at the last meeting, all of whom are permanent voters, which would strongly suggest that a majority is not far away, not with a number of other policy makers appearing to lean that way, including Chair Yellen herself.feedback

John Ryding - RDQ Economics

These data can be volatile and the openings rate is still fairly high, so it is too early to tell whether this is a signal or just the noise of volatile monthly data. However, if this drop is sustained, it could be a sign of increased caution on the part of businesses.feedback

Howard Silverblatt

The combination of low interest rates, expected limited action from Yellen & Co, and record cash levels ($1.37T) continues to give companies the ability to set record shareholder returns (as well a little push from outside investors).feedback

David Kelly - JPMorgan Chase & Co.

The problem is if they only raise rates once in a blue moon, then raising rates six days before the election is a political act. If that caused a big market sell-off, they would have an impact one way or the other on the election. And they just don't want to have anything to do with it.feedback

David Kelly - JPMorgan Chase & Co.

[But] it's unhealthy to keep interest rates this low at this point. So the policy is wrong, and they should raise rates.feedback

David Kelly - JPMorgan Chase & Co.

I don't normally say this, but credit to Janet Yellen. She has argued that the labor force participation rate would pick up as people got used to a tight labor market. And that does seem to be happening. That's giving them more room to breath.feedback

Neil Azous

Positions are just too deeply embedded, and sentiment is shifting too fast towards an interest rate hike. The key point here is that even with a job number that is above the range that nobody currently has confidence in, you're somewhat capped out on how much the front-end of the US yield curve and the US dollar could rise.feedback

Anthony Scaramucci

There are many well-qualified candidates but I think Mr. Trump has to spend some time with chairwoman Yellen. I think knowing what I know about his personality he will like her.feedback

Janet L. Yellen - Federal Reserve System

If we found, I think as other countries did, that they could reach the limits in terms of purchasing safe assets like longer-term government bonds, it could be useful to be able to intervene directly in assets where the prices have a more direct link to spending decisions.feedback

Donald J. Trump

We are in a big, fat ugly bubble. We have a Fed that's doing political things. This Janet Yellen of the Fed.feedback

Janet L. Yellen - Federal Reserve System

I certainly have never been pressured in any way by the administration. The (Obama) administration, my experience has been, greatly respects the Fed's independence to make decisions in accordance with the Fed's mandate.feedback

Janet L. Yellen - Federal Reserve System

She "would expect to see (a rate increase this year) if we continue on the current course of labor market improvement, and there are no major risks that develop and we stay on the current course.feedback

Rene Albrecht - DZ Bank

Right now the market is factoring in a 50 percent probability of a December hike and traditionally the Fed has only increased rates when the probability was 70 percent or higher. So if they want to hike in December, they need to start preparing the market - so we could have some comments from Yellen on this today.feedback

Janet L. Yellen - Federal Reserve System

If we allow the economy to overheat, we could be faced with having to raise interest rates more rapidly than we would want which could conceivably jeopardize that good state of affairs that we have come close to achieving.feedback

Janet L. Yellen - Federal Reserve System

The existing capital conservation buffer would be replaced with a risk-sensitive, firm-specific buffer that is sized based on stress test results.feedback

Janet L. Yellen - Federal Reserve System

I would have to consult my counsel, I'm not aware that that's a conflict. What's important to me is whether or not, in our decision making, our collective decision making, I see politics being brought to bear in reasoning about our decisions, and I have never seen that with any of my colleagues.feedback

Greg Valliere

It has to worry the markets that potentially you could have a president getting into a nasty dispute with the chairman of the Fed in early 2017. That's something the market would not like to see. I think the Fed has not done a very good job communicating. It's a cacophony of confusing comments. There's reason to criticize the Fed, but the personal attack on Yellen is unprecedented.feedback

Donald J. Trump

Believe me, we're in a bubble right now, and the only thing that looks good is the stock market. But if you raise interest rates, even a little bit, that's going to come crashing down. We are in a big, fat, ugly bubble and we better be awfully careful and we have a Fed that's doing political things.feedback

Greg Valliere

This is extraordinary. This is really unprecedented for someone this close to the presidency to criticize the Fed chairman in personal terms, very strident and personal terms. I can't recall any precedent for that. I think the markets have to worry about this. I think there's a real chance that he could align himself with the members of Congress that want to sharply curb the Fed's independence.feedback

Stephen Stanley - Amherst

I don't know how much capital he would be willing to spend by trying to push her out immediately versus letting her serve out her term. He has professed a certain affinity for low rates. That would be the issue for the markets. … If not Yellen, now who is it going to be.feedback

Michael Hanson - TD Securities

I would imagine she'll get some questions on the outlook and policy, and I would imagine she'll echo word for word what she said in her press conference. In terms of regulation and supervision, there's obviously still stuff up in the air in terms of Basel lll and Dodd-Frank, but I would guess her comments will be very general.feedback

Peter Boockvar - The Lindsey Group

The Fed's running the economy. How can you not discuss the Fed? … It's a tough situation, but the Fed has immersed themselves so deeply in the economy so that any honest discussion of it has to include the Fed. They threatened their own independence by going as far overboard as they have. These institutions were never built to take on these responsibilities.feedback

Michael Hanson - TD Securities

There's a long-standing precedent that presidents or candidates do not speak very critically of the Fed. There's a fairly bipartisan support of the idea that the Fed is not partisan. The Fed takes very seriously its independence.feedback

Peter Boockvar - The Lindsey Group

The problem is if he wins, he's opened up this Pandora's box. At every single Fed meeting, he's going to be asked, What do you think about what the Fed did? What do you think about Yellen's job?' I don't think that's where you want to go.feedback

Michael Hanson - TD Securities

We're in an election year, so you're definitely going to have people on both sides of the aisle pushing their views and agendas.feedback

Allan Meltzer - Carnegie

It's quite appropriate that (Trump) says, yes, need to do something about the Fed, we need to depoliticize the Fed.feedback

Alan Blinder

Should Donald Trump, God forbid, win the presidency, he has every right to put in a new Fed chair. The notion that she would resign because of ridiculous things that he has said is ludicrous.feedback

Allan Meltzer - Carnegie

I have no idea about that. That would be entirely up to her. I think the Fed needs to be reformed, and if her resignation is one of the ways that's accomplished, yes.feedback

Paul Ashworth - Capital Economics

If Trump wins, we now think Yellen would resign fairly quickly as a matter of principle. The main reason for believing that Yellen would resign almost immediately is that falling on her sword would take some of the political heat off the rest of the FOMC.feedback

Paul Ashworth - Capital Economics

If Donald Trump wins November's presidential election, there is now a clear possibility that Fed Chair Janet Yellen would resign almost immediately, perhaps even before the mid-December (Federal Open Market Committee) meeting. It is hard to see how she could continue in her position until her current term expires in early 2018.feedback

Allan Meltzer - Carnegie

The Fed always has been a political agency. If you're in Washington, you're a political agency. But this Fed has been totally politicized.feedback

Janet L. Yellen - Federal Reserve System

I can say emphatically that partisan politics plays no role in our decisions about the appropriate stance of monetary policy. We are trying to decide what the best policy is to foster price stability and maximum employment and to manage the variety of risks that we see as affecting the outlook. We do not discuss politics at our meetings and we do not take politics into account in our decisions.feedback

Donald J. Trump

And we have a Fed that's doing political things. This Janet Yellen of the Fed. The day Obama goes off, and he leaves, and goes out to the golf course for the rest of his life to play golf, when they raise interest rates, you're going to see some very bad things happen, because the Fed is not doing their job. The Fed is being more political than Secretary Clinton.feedback

Janet L. Yellen - Federal Reserve System

I can emphatically say that partisan politics plays no role in our decisions about the appropriate stance on monetary policy.feedback

Janet L. Yellen - Federal Reserve System

We judged that the case for a rate increase has strengthened, but decided for the time being to wait for further evidence of continued progress toward our objectives. Our current policy should help move the economy toward our statutory goals of maximum employment and price stability.feedback

Philippe Gijsels

Markets are getting support not only from the inaction of the Fed but also the relatively dovish comment by Janet Yellen. A rate hike is probable in December, but it has once again become clear that rates will go up only very gradually.feedback

Donald J. Trump

My economic agenda can be summed up in three very beautiful words, jobs, jobs, jobs. We have to bring our jobs back.feedback

Janet L. Yellen - Federal Reserve System

The Federal Reserve is not politically compromised. We do not discuss politics in our meetings. I can't recall any meeting that I've ever attended where politics has been a matter of discussion.feedback

Mohamed El-Erian - Pimco

While the Federal Reserve held rates unchanged, the highly unusual 7-3 vote points to the depth of its policy dilemma and makes a December hike more likely.feedback

Kathy Jones - Charles Schwab

The solid coalition is still going to be there with Yellen, (William) Dudley, (Stanley) Fischer and a handful of others. I think they're still all in agreement.feedback

Janet L. Yellen - Federal Reserve System

But since the monetary policy is only modestly accommodative, there appears to be little risk of falling behind the curve in the near future, and gradual increases in the federal funds rate is likely to be sufficient to get to a neutral policy stance over the next few years.feedback

Janet L. Yellen - Federal Reserve System

I can say emphatically that partisan politics plays no role in our decisions about the appropriate stance of monetary policy. We do not discuss politics in our meetings and we do not take politics into account in our decisions.feedback

Chris Rupkey - MUFG Union Bank

I think the Fed has to get over its fear of what the markets are going to do. It should certainly get over any fear of unleashing a new taper tantrum.feedback

Scott Anderson

I think they'd create a pretty big tank in the stock market. I think the Fed's going to want to telegraph this pretty strongly. They might put the market on notice that this should be penciled in.feedback

Scott Anderson

She certainly signaled the case for a rate hike has strengthened. Let's see if she stays with that.feedback

Chris Rupkey - MUFG Union Bank

I think people are hiding behind the fact that futures markets have 20 percent odds of a move, and the Fed would not go against that, but my reading is that's not relevant in this case because the market's never going to give them a green light. The longer the Fed goes on, the market is going to do what it does.feedback

Scott Anderson

Stocks will be in celebration mode if the Fed holds off. I do think valuations are stretched though, and we're in a hair-trigger environment. If we get some surprise from the Fed … that could throw the market into a tizzy.feedback

Scott Anderson

They've been burned so many times. They're going to be very cautious about burning their last remaining amount of credibility. They'll be humble in terms of their economic and rate forecasts, given they've been so wrong.feedback

Chris Rupkey - MUFG Union Bank

The market itself is not right now, and it probably needs a wake-up call by the Fed.feedback

Jeremy Klein - FBN Securities

I maintain that Janet Yellen will refrain from adding restrictive measures until at least December. Such inaction does not guarantee a resumption of the rally, for the 'dot plots' for the current and future years could perform as an effective proxy to convey a more hawkish tone at the central bank.feedback

Bill Clinton

Janet Yellen, Lael Brainard whom I know, several others, these are really smart people and they'll do what they think is right.feedback

Michael Arone - State Street Global Advisors

Let's get on with it already. It will cause some challenges to the market, but I think that is healthy in context of a normal business cycle.feedback

Michael Arone - State Street Global Advisors

It will cause some challenges to the market but I think that is healthy in context of a normal business cycle. It will increase the cost of capital, and flush out some riskier assets in the short term. But that is probably the right thing to do.feedback

Diane Swonk

While it doesn't change the minds of doves, they'd like to see a couple more months of it, but this is where we're moving. It doesn't matter if it's September or December. It's where we were a year ago, the Fed wants to get a rate hike in this year. Once-a-year-Yellen.feedback

David Mendels

I very much doubt that that the outcome for anyone with a reasonably well-constructed portfolio will be determined by the next interest rate hike. Far more harm has been done to portfolios by trying to time the next rate hike than will be done by missing that call.feedback

Toru Ibayashi

The market is worried that the Fed mentions an interest rate hike even though the recent economic readings were weak. People are worried as the Fed is not communicating with the market well.feedback

Donald J. Trump

We have a very false economy. At some point the rates are going to have to change.feedback

Donald J. Trump

We have a very false economy...[the] only thing that is strong is the artificial stock market.feedback

Donald J. Trump

They're keeping the rates down so that everything else doesn't go down. At some point the rates are going to have to change.feedback

Donald J. Trump

At some point the rates are going to have to change. The only thing that is strong is the artificial stock market.feedback

Art Cashin

While it was fractional given the number of people in the workforce, that wipes out far more than the [151,000] jobs that were added as far as productivity is concerned. That's equivalent to at least a drop of 200,000 jobs.feedback

David Donabedian - Atlantic Trust Private Wealth Management

If you take the hints that have been planted by (Fed Chair Janet) Yellen, (Vice Chair Stanley) Fischer, (New York Fed President (Bill) Dudley and others at Jackson Hole, there's an implication that the slope of rate hikes over the next couple of years is likely to come down. If you just look at the market expectations through fed funds futures, the Fed really seems to be acknowledging that they're moving to the market.feedback

Mohamed El-Erian - Pimco

This mixed jobs report puts the Fed in a tricky situation. It's not all around strong enough to assure a September interest rate hike. But it's solid enough to engender a heated policy discussion.feedback

Bill Gross

With Yellen, there is no right or left hand – no 'on the one hand but then on the other' – there are only decades of old orthodoxy that follows the tarnished golden rule of lowering interest rates to elevate asset prices, which in turn could (should) trickle down to the real economy.feedback

Bill Gross

Capitalism, almost commonsensically, cannot function well at the zero bound or with a minus sign as a yield.feedback

Bill Gross

All have mastered the art of market manipulation and no - that's not an unkind accusation - it's one in fact that Ms. Yellen and other central bankers would plead guilty to over a cocktail at Jackson Hole or any other get together of Ph.D. economists who have lost their way.feedback

Stephen Innes

U.S. rate hike fever continues dominating the foreign exchange landscape. The U.S. dollar is trading favorably despite the next major catalyst, Friday's jobs report. The market is stuck between the good cop, bad cop performance from Yellen and Fischer at Jackson Hole.feedback

Mitsuo Imaizumi - Daiwa Securities Group

If the payrolls figure is strong, the dollar could move toward a test of the 105 level against the yen.feedback

Chris Zaccarelli - Cornerstone Financial Partners

I think the market's getting more comfortable with the idea that the Fed is going to raise rates this year.feedback

Stanley Fischer - Federal Reserve System

I think what (Yellen) said today was consistent with answering yes to both of your questions (on whether markets should be ready for a rate hike in September or even this year), but these are not things we know until we see the data.feedback

Jim O'Sullivan - High Frequency Economics

Fedspeak has bordered on Fedequivocation recently, and not just because of multiple voices. Individual officials have sent mixed signals as well.feedback

Jim O'Sullivan - High Frequency Economics

Tightening as soon as September 21 remains possible, but it would probably require stronger-than-expected data in the next couple of weeks. We don't see much chance of a move at the November 1-2 meeting; Fed officials will likely want to keep a low profile in the week before the presidential election.feedback

Ayako Sera - Sumitomo Mitsui Trust

It wasn't so much what Yellen said, but what Fischer said afterward that really moved markets.feedback

Roger Bridges - Nikko Asset Management

The U.S. dollar was not moving with interest rate differentials and now the Fed has sort of committed itself to at least one rate hike this year, maybe a little bit earlier than the market was thinking.feedback

Marc Chandler - Brown Brothers Harriman

The next barrier is in the 102.00-102.60 band. A campaign through 103 would negate the potential head and shoulders potential continuation pattern we previously identified.feedback

Yoshinori Shigemi - JPMorgan Asset Management

Sentiment has recovered and it's helping the market rebound, but it's too early to turn optimistic.feedback

Bernd Weidensteiner - Commerzbank

Helicopters, negative rates or a higher inflation target remain confined to other central banks or academic circles.feedback

Quincy Krosby - Prudential Financial

She did put the market on notice that she'd like to raise rates, which means the payrolls data out on Friday is very important. The wage component, length of the workweek and types of jobs, all are crucial in order to extrapolate to inflation.feedback

Bill Gross

The Fed, with their focus on low interest rates, is distorting the savings function, not only in the United States but on a global basis, and savings of course is connected to investment. Ultimately I think that's what reduces real economic growth going forward and they don't realize that.feedback

Ward McCarthy - Jefferies

All she said was the case for a rate hike has strengthened in recent months. The lack of specificity on a timetable looks like it's going to happen later rather than sooner.feedback

Rod Adams - Federal Reserve System

Any potential strength in consumer and jobs data could be very helpful to support equity prices where they are right now.feedback

Mellon University - Carnegie

Interest rate policy is by far the most flexible, the least intrusive to markets, and has proven capable of targeting low inflation.feedback

Lars Christensen - Federal Reserve System

Yellen seems to have developed into the ultimate status quo chair. It is clear that she fundamentally does not want to see any change to the Fed's policy framework despite the fact that inflation expectations have become de-anchored and markets have lost trust in the Fed really fundamentally wanting to deliver on its 2 percent inflation target.feedback

Omer Esiner - Commonwealth Foreign Exchange

Her comments still fall a little bit short of what dollar bulls would want to see in that she doesn't make a case for an immediate increase, still keeps the outlook data-dependent and then went on to talk a great deal about how the Fed plans to deal with future recessions.feedback

Janet L. Yellen - Federal Reserve System

Our ability to predict how the federal funds rate will evolve over time is quite limited. The chart that put the expected rate path released by the Fed in June in the middle of a broad set of likely outcomes.feedback

Ryan Sweet - Moody's Analytics

We believe the core of the FOMC is comfortable sitting tight, but some hawkish regional Fed presidents are getting restless.feedback

Christoph Balz - Commerzbank

Following two extraordinarily sound labour market reports, we are looking for slightly weaker data in August, yet this does not change the picture of the US economy further approaching full employment. The report is unlikely to be sufficient to persuade sceptics (in the Fed) that interest rates should be hiked as soon as in September. Signals from the manufacturing ISM are also more likely to support a cautious stance.feedback

Ronald Simpson - Action Economics

The risk for dollar/yen is clearly to the downside after Yellen's speech. There is still a month to go before the Bank of Japan meeting and who knows what they're going to do.feedback

John Briggs - NatWest

If the market continues to see a September hike, the 2-year yield could near 1 percent.feedback

Janet L. Yellen - Federal Reserve System

In addition to taking the federal funds rate back down to nearly zero, the FOMC could resume asset purchases and announce its intention to keep the federal funds rate at this level until conditions had improved markedly – although with long-term interest rates already quite low, the net stimulus that would result might be somewhat reduced.feedback

Craig Erlam

The pre-prepared text from Yellen's speech at Jackson Hole today didn't necessarily offer much in the way of surprises but it did confirm one thing, there is now a clear and public hawkish consensus building within the Fed and Chair Yellen is on board.feedback

Quincy Krosby - Prudential Financial

Financials are enjoying the prospect of a rate hike in the coming months, but so are utilities moving on the prospect that rates won't be lifted at the September Fed meeting. Gold is moving higher as well, again signaling that while rates may be lifted it's not a September story.feedback

Erik Oja

The largest banks should benefit right away from any language about increasing rates in 2016.feedback

Kate Warne - Edward Jones & Co.

When Fischer spoke and suggested September was more live than what investors had taken from Yellen comments, that did of course lead to a little bit of concern that the move would be sooner than what investors were overall anticipating.feedback

Stanley Fischer - Federal Reserve System

I think what the Chair said today was consistent with answering yes to both of your questions, but these are not things we know until we see the data.feedback

Christian Lenk - DZ Bank

At first glance, everyone was looking at the headline that a case for a hike had strengthened. But what came into focus after the speech was that the word 'September' was not mentioned.feedback

Boris Schlossberg

She needs to really reaffirm for the market that they are very seriously moving toward a rate hike in December; otherwise I think they stand a very, very strong chance of just losing all credibility, because the rhetoric out of all the other Fed officials has been relatively hawkish.feedback

Dennis Lockhart

I can see two rate hikes as possible when I look at the calendar. We have three more (policy-making) meetings this year, so that's possible.feedback

Masashi Murata - Brown Brothers Harriman

The market may react to one word, or one phrase, but I don't think her speech will bring a new dollar/yen trend. If Yellen shows less confidence about the U.S. economy, maybe people would like to buy the yen more, but I also think there are longterm investors who step in to buy dollars whenever it falls below 100 yen, so I think it will stay around current levels for a while.feedback

Chris Scicluna - Daiwa Capital Markets

Yellen won't be able to ignore the current debate but she can't make a commitment either because there's a range of views on the FOMC.feedback

Jennifer Vail - US Bank Wealth Management

The anticipation is a bit too much. She is one of the more pragmatic and balanced speakers. I think she will leave the door open for a rate hike sometime this year, but I don't see the Fed actually moving until December.feedback

Janet L. Yellen - Federal Reserve System

In light of the continued solid performance of the labour market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.feedback

Andrew Hunter

We think most officials will want to see more concrete evidence of a rebound in GDP growth and a rise in inflation towards the 2 percent target, with a December move still appearing the most likely outcome.feedback

Philippe Gijsels

Markets are a bit worried about the upcoming comments from Yellen, which is understandable given how much of the market strength is due to central bank action.feedback

Peter Boockvar - The Lindsey Group

Yellen's speech has held the markets prisoner. They can't go anywhere. They're in this little tiny space with bars around them, and they can't move until she speaks.feedback

John Briggs - NatWest

She could say we want to raise rates twice this year and the markets will get hit. The end game is the markets are going to take them out of September, if they signal it too strongly.feedback

Gene Tannuzzo

I don't really think there's any huge policy announcement coming at Jackson Hole, but if Yellen does start to take the side of recent commentators like Bill Dudley and Stan Fischer and says, The economy doesn't look that bad, and I think we could squeeze in an interest rate hike,' then I think the market could get pretty spooked.feedback

John Briggs - NatWest

The media has been trying to spin how all these Fed speakers are trying to talk up the chances of a rate hike, so we've gotten up to a 55 percent chance of a rate hike by December.feedback

Gene Tannuzzo

I do think Jackson Hole is a possibility. My general conclusion is that the market is fairly complacent for a good reason. The Fed has been remarkably inactive and has been very quick to become cautious at any whiff of worry.feedback

Krishna Memani

The markets are catching their breath. It's been one heck of a post-Brexit few months. With Yellen talking and the jobs report coming up, there's a bit of a correction in the market place, but nothing extraordinary.feedback

Krishna Memani

The Fed wants to have it both ways. They want lower rates because they know that helps the economy. At this point, however, what they are really worried about is no inflation as much as that they are lowering volatility, leading to asset prices at a much higher level and causing all sorts of financial stability–related concerns. If the financial markets were at a 20 percent discount, I don't think they'd be as worried as they are.feedback

Diane Swonk

Investors are not pricing in a Fed tightening. We still have uncertainty coming from abroad, and there are a lot of land mines out there. I think Yellen will want to keep her options open in her Jackson Hole speech.feedback

Michiro Naito - JPMorgan Chase & Co.

The market is cautiously focused on whether Yellen adopts a hawkish or dovish tone. As Japan's recent monetary policy and fiscal policy changes have failed to meet market expectations, people expect the U.S. economic outlook to be the main catalysts for Japanese stocks for now.feedback

Daniel Lenz - DZ Bank

The recapitalisation of CGD is likely to have implications for Portugal's budget, but all in all it is positive. It's better to have a stable banking sector.feedback

Gus Faucher

This kind of data are consistent with what the Fed is looking for in terms of the labour market and economic growth. If we get more data like this, that will suggest we are likely to see an interest rate increase, most likely in December.feedback

Scott Redler

The down move in bios gave a little more conviction to sell them also and get out of the way. They're not broken, but they're bending.feedback

Scott Redler

It was a textbook outside day in bios, which puts it back in the bearish camp. Finally the bears have a perfect formula to flex their muscles. Any pullback could be shallow.feedback

Scott Redler

The S&P closed right at the 21-day moving average. This time it feels like there was a lot more damage to momentum stocks.feedback

Art Hogan

We're kind of leaking out a little bit. Oil moved up 9 percent last week on OPEC and the prayer that Saudi Arabia would just do something on production in September. When that energy complex sells off, it does correlate on the downside. Now investors are as afraid of Janet Yellen saying something egregiously hawkish as can the S&P trade at 17 times in a 1.5 to 2 percent GDP growth environment.feedback

Peter Cardillo - First Standard Financial

The market over the past several weeks has been in a holding pattern, really not doing much of anything and the reason for that is everyone is waiting to hear what Yellen is going to say.feedback

Jim Cramer

You have to remember … housing punches above its weight. Meaning, when housing is strong it leads to all sorts of good things for the economy, including the desire to spend money improving your house in order to augment its worth.feedback

Jim Wyckoff

The decline in gold today in my mind was mostly technical. Also, the outside markets are in a bearish posture. Crude oil prices were lower and the U.S. dollar index was higher.feedback

Andrew Brenner

It's very odd. There's a tremendous amount of nervousness and skepticism, but behind that is a lot of complacency, and everybody feels there's a central bank put.feedback

Priscilla Hancock - JPMorgan Chase & Co.

It's hard for the curve to flatten significantly from here. Likewise, it's hard for the curve to steepen.feedback

Priscilla Hancock - JPMorgan Chase & Co.

We're still calling for a December rate hike. It seems to me that the GDP numbers and inflation are moving us down the path to where the Fed is going to look to a December hike. That is our base case.feedback

Michael Gapen - Barclays

Yellen could use her Jackson Hole speech to deliver a concrete message that a rate hike will happen in the coming months if U.S. job growth stays strong. Otherwise, investors will keep doubting future rate increases. They question whether she will ever see data that will justify a rate hike, I think she herself has a credibility problem with markets.feedback

Chris Rupkey - MUFG Union Bank

It's a message. Still, the most powerful person on the Fed is Yellen. She's turned them back before. I'm hoping that she's going to signal that September is a live meeting, a little more alive.feedback

Angus Nicholson

It's still early days yet for the Jackson Hole conference ... but the markets seem to be already discounting the possibility that Yellen may look to talk up a September rate hike.feedback

Jim Cramer

She's smart, so I'm betting Yellen simply argues we don't have enough data yet to draw a conclusion.feedback

Stephen Innes

Without the Federal Reserve Board doing the heavy lifting (with a U.S. interest rate hike) and with the Japanese economy seemingly immune to monetary and fiscal stimulus, it will take little more than a few consecutive session probes below 100 yen for traders to be hotly testing the BOJ's resolve, while knocking on the post-Brexit spot level at 99.02 yen.feedback

Naeem Aslam - AvaTrade

There are two angles here. Firstly, it is the failure of the QE policy over in Japan, and expectations are that perhaps focus will be more on fiscal stimulating policies rather than monetary policies. Finally, the fading interest rate hike expectations are taking the steam out of the dollar.feedback

Alan Ruskin - Deutsche Bank

I don't expect hard signals on rates from Janet Yellen, because the data is so uncertain.feedback

Jeff Weniger

It continues to be a system in which you need the consumer to demonstrate some strength, but not too much strength because if it's too much strength then now (Fed Chair) Janet Yellen gets into the picture.feedback

Viktor Szabo

Janet Yellen has made it clear that events outside of the U.S. will have a bearing on the Fed's decision making and she was explicit about the risk that she thought Brexit would pose. This pause from the Fed is going to support emerging markets.feedback

Richard Benson

Janet Yellen could not bring herself to raise rates when the conditions were perfect for it. She is not going to do it now.feedback

Adrian Zuercher - Agricultural Policy Advisory Committee for Trade

The Fed has basically postponed its rate hikes, we think, until December so that's a bit less support for the U.S. dollar. UBS now expects just one interest rate hike this year, down from a previous expectation for two.feedback

Peter Schiff

Now, Janet Yellen can blame her failure to raise rates on Brexit.feedback

Peter Schiff

As far as Janet Yellen is concerned, the British have given her the gift that keeps on giving.feedback

Rodrigo Catril - National Australia Bank

At the margin Ms Yellen appeared to be a bit more cautious than before, but overall our assessment of the Fed remains unchanged.feedback

Won Sohn - Csu

Yellen has certainly become less optimistic about future economic growth. She is citing the slowing in productivity, the slowing growth of the labor force and a mountain of global uncertainties.feedback

Quincy Krosby - Prudential Financial

Brexit is going to dominate the market if it looks as if they are going to leave. If it looks like they're going to stay, Yellen will dominate the market.feedback

Kathleen Brooks - GAIN Capital

With the EU referendum on a knife-edge, the market is right to look elsewhere for direction. Some of this came from Yellen, who reinforced (the) message that the Fed will slow the pace of rate hikes if the U.S. economy posts another dismal jobs report for June.feedback

Tohru Yamamoto - Daiwa Securities Group

A couple of months ago, Yellen was cautiously optimistic. Now she appears cautious while trying to be optimistic.feedback

John Briggs - NatWest

It's hard to see her deviating from the press conference she just had. I don't know how [Yellen] go[es] from being as uncertain as [she was] Wednesday to gaining certainty next Tuesday.feedback

Ric Spooner - CMC Markets

Markets will be focused on the Fed's dot plot (summary of economic projections) and what Janet Yellen has to say about the timing of the next rate hike. However, this may become irrelevant if Britain does vote for Brexit and markets react negatively into July.feedback

Nobuyasu Atago - Okasan Securities

Even though Yellen didn't explicitly say so, it sounds as if a rate hike in June and July, which she was had talked about, is becoming difficult.feedback

Robin Bhar

Yellen was pretty non-committal - she didn't give a time frame for rate rises. There's a bit of indecision here. We had the knee jerk reaction on the non-farm payroll numbers, and now gold is hesitating over where to go.feedback

Paul Ashworth - Capital Economics

That sound you hear is Fed Chair Janet Yellen furiously rewriting her speech that she is scheduled to give (in Philadelphia) on Monday.feedback

Norbert Wuthe - BayernLB

Yellen is considered one of the mightiest doves at the Fed, so her comments do raise the probability of a hike in the summer although there is some conditionality to that.feedback

Art Hogan

I think the market moves are what's going to keep us on our toes. So, now it's a shift back to the fundamentals and are the fundamentals good enough for the market to price in a July interest rate hike? It feels like it is.feedback

Lan Nguyen - Commerzbank

I fear only one of the Fed heavyweights will be able to sway market expectations notably above all the chair, Janet Yellen. Until then, the appreciation potential in the dollar will remain limited.feedback

Thomas Simons - Jefferies

Hawks and doves have been saying the same thing for the last two weeks and that would apply to Yellen.feedback

Brian Rehling - Wells Fargo

I don't think the market is prepared for June yet. The more dovish [FOMC] members, obviously Janet Yellen, is part of that. … They appear to hold the majority of the committee, and I think they're going to wait for more economic data to really prove out that they should raise. There are some risks if they raise too early.feedback

Georgette Boele

The comments from Yellen will absolutely be a test for the dollar and consequently for gold.feedback

Quincy Krosby - Prudential Financial

The market wants to hear from Janet Yellen. It's one thing to hear from surrogates. ... The market is a bit confused as to whether this represents what Janet Yellen really wants if this is the message she wants to telegraph to markets.feedback

Sal Guatieri - BMO Nesbitt Burns

June is definitely a 'live' meeting for the next rate hike, but a super-cautious [Fed chair Janet] Yellen might well wait for more convincing evidence of a sustained pickup in the economy and a resolution of Brexit risks before pulling the trigger in July. We still lean toward the latter.feedback

Jim Reid - Deutsche Bank

There's still a clearly large gap between where the market is and the recent rhetoric from the Fed. Importantly we're yet to hear from either the Fed President (Janet) Yellen or Vice-Chair (Stanley) Fischer recently.feedback

Lynn Reaser

Their speeches and remarks since December indicate a possible widening in their views on monetary policy. Chair Yellen would appear to have been a leader in the view that two rate hikes, or even fewer, are appropriate. … She appears to be significantly more concerned about global risks now than in December.feedback

Michael Arone - State Street Global Advisors

I don't think this Fed, and Yellen in particular, likes to paint themselves into a corner. The statement will acknowledge that growth in the economy is modest. They haven't seen the flow through to inflation and they'll remain data dependent going forward.feedback

Norihiro Fujito - Mitsubishi UFJ Morgan Stanley Securities

Essentially, global shares and commodities have been rallying since U.S. Federal Reserve Chair Janet Yellen had indicated a dovish stance in March. But you would need more improvement in economic fundamentals for the rally to go further. The S&P 500 is quite overvalued, trading at 17.8 times the forecast profits. Disappointing earnings from hi-tech companies will surely cap the market.feedback

Peter Cardillo - First Standard Financial

The central theme of the day will be the Fed and whether or not there's been an increase in the Fed members deviating from the Yellen team. I think the early part of the session we'll move up a little and follow the price of oil.feedback

Sean Callow - Westpac Banking

Rosengren is usually on the dovish side of the spectrum, highlighting how out of line Fed chair Yellen sounded last week compared to her colleagues.feedback

Kully Samra - The Charles Schwab

If the economy is getting stronger and Yellen remains on hold, that's very good for the stock market because that theoretically is inflationary.feedback

Greg Anderson - BMO Capital Markets

We're continuing to see fallout from Yellen's speech. Yellen appears not to want to raise rates in 2016.feedback

Robert Pavlik

People are just trying to gain any kind of insight into the Federal Reserve. But right now your middle of the lineup and your clean-up hitter, Janet Yellen, speaking about keeping rates lower, that feeds a risk-on trade that keeps the dollar lower and helping commodity prices. I think people are chasing the market and it's not based on fundamentals.feedback

Joachim Fels - Pimco

I think Janet Yellen is clearly concerned over this zombification of the economy. I think the message was very clear. She wants inflation, and inflation expectations, higher; she is not convinced the pickup in U.S. inflation will last.feedback

Adam Cole - RBC Capital Markets

Having had such seemingly unambiguous guidance from the other FOMC speakers ... where the message seemed to be very clearly to markets: you've taken this too dovishly, Yellen seemed to send the opposite message.feedback

Michael Gapen - Barclays

We see the (Yellen) comments as an effort to exert control over the message and, in doing so, tilt expectations for policy rate hikes in a decidedly dovish direction.feedback

Peter Boockvar - The Lindsey Group

It is safe to say that after yesterday's FOMC statement, the Yellen press conference and what was said in them, the communication and structural strategy of 'data dependency' has been officially neutered. The Fed's goal is now a perfect world. As we of course will never get there, the rest of us are left flying blind as to what to expect from monetary policy.feedback

Axel Merk

At every Yellen Fed meeting, she parrots the phrase that the United States is committed to higher rates, which creates a knee-jerk sell-off in the metals, and then when the rhetoric is analyzed, the markets assess the limited options opened to the Fed.feedback