Yellen Bluffs Future Rate Hikes and Traders Pretend to Believe Her – Ep. 37
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 18 December 2014
⏱️ 25 minutes
🧾️ Download transcript
Summary
* FOMC wrapped up meeting with Yellen press conference
* Most people expected "considerable time" to be dropped
* Bloomberg believes "considerable" dropped in favor of "patience"
* The Fed didn't change anything
* The Fed didn't actually say anything
* Markets up on Yellen's optimistic non-news
* Why wait to raise interest rates?
* The longer the Fed waits to raise rates, the more painful it will be for the economy
* What is the Fed's strategy if economy slows down?
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Transcript
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| 0:00.0 | The Peter Chef Show |
| 0:05.0 | Well, the Federal Reserve wrapped up its two-day FOMC meeting today with its traditional |
| 0:15.4 | statement followed by the press conference with Janet Yellen. |
| 0:20.8 | Nobody expected the Federal Reserve to raise interest rates. |
| 0:25.9 | That's not supposed to happen until sometime in 2015. |
| 0:30.4 | That's the consensus. |
| 0:32.6 | But everybody was expecting the Federal Reserve, or most people were expecting, that they |
| 0:37.6 | would drop from the language of their statement. |
| 0:42.3 | The reference to considerable time period. |
| 0:46.2 | The Fed has always been saying that there will be a considerable time between the ending |
| 0:51.4 | of asset purchases, which just recently happened, and the first rate increase. |
| 0:58.9 | And the question is, well, how long does considerable period mean? |
| 1:03.2 | Because it's never actually been defined. |
| 1:05.5 | Nonetheless, there was a lot of thinking that the Fed would drop the considerable period |
| 1:12.0 | reference from its language. |
| 1:15.9 | And sure enough, the way the Bloomberg reported it. |
| 1:20.5 | That's exactly what the Federal Reserve did. |
| 1:22.1 | If you read the way they covered this press release, this statement, Bloomberg's headline |
| 1:26.9 | is, Fed removes the considerable period reference. |
| 1:31.8 | Let's look at what they said. |
| 1:33.1 | I'm going to read you what was written here. |
| 1:36.4 | Based on its current assessment, the committee judges that it can be patient in beginning |
... |
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