What Does the Dove Say?

Janet Yellen speaks before the Senate Banking Committee this morning at 10am. She’s released her brief address beforehand and will probably be answering a wealth of questions, especially on the idea of the taper.

Livestream here on C-SPAN’s site

Here’s BofA Merrill’s US Economics team with a preview:

The taper question, ultimately
Yellen states that “supporting the recovery today is the surest path to a more normal
approach to monetary policy” — in other words, policy needs to remain easy now to
tighten later. Additionally, “a strong recovery will ultimately enable the Fed to reduce
its monetary accommodation and reliance on unconventional policy tools such as
asset purchases.” Early commentary focused on the word “ultimately” as a possible
signal that Yellen does not plan to taper for a while. But “reduce its monetary
accommodation” typically has meant rate hikes in official Fed communication, while
reducing “reliance on unconventional tools” likely refers to the eventual reduction in
the size of the Fed’s balance sheet rather than tapering. Recall, most Fed officials
take a “stock approach” to QE; in that view it’s the total amount of assets owned and
not the purchase pace that defines the degree of accommodation. No doubt she’ll
get questions about the Fed’s tapering plans on Thursday.

Expect market participants to be hanging on her every word…

Fine, sorry. Here:

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Wealthcast Media, an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers

Please see disclosures here.

What's been said:

Discussions found on the web
  1. Immediate Edge Review commented on Sep 22

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2013/11/14/what-does-the-dove-say/ […]

  2. bitcoin era commented on Sep 30

    … [Trackback]

    […] Information on that Topic: thereformedbroker.com/2013/11/14/what-does-the-dove-say/ […]

  3. panzer arms commented on Nov 14

    … [Trackback]

    […] Read More on on that Topic: thereformedbroker.com/2013/11/14/what-does-the-dove-say/ […]

  4. buy marijuana online commented on Dec 21

    … [Trackback]

    […] Find More on that Topic: thereformedbroker.com/2013/11/14/what-does-the-dove-say/ […]

  5. buy adhd pills online commented on Jan 12

    … [Trackback]

    […] Read More on to that Topic: thereformedbroker.com/2013/11/14/what-does-the-dove-say/ […]

  6. Digital Transformation Company commented on Feb 05

    … [Trackback]

    […] Read More on that Topic: thereformedbroker.com/2013/11/14/what-does-the-dove-say/ […]

  7. card dumps commented on Feb 06

    … [Trackback]

    […] Read More here to that Topic: thereformedbroker.com/2013/11/14/what-does-the-dove-say/ […]