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Veksler: What to expect next from Yellen
The Federal Reserve’s new chairwoman Janet Yellen may have offered no surprises on her first testimony to congress, but trader Ken Veksler says we’ll see more stern action from her going forward. He says that compared with her predecessor, Ben Bernanke, “she’ll be more cut and dry, more realistic and more black and white.”
He adds that if Stanley Fischer - who has spent the past four decades managing economic policy in posts at the World Bank, the Bank of Israel, and the IMF - gets nominated as the Fed’s vice chairman over the next few months, together they “will really show what forward guidance is all about.”
The core message on policy from Yellen was that she’s sticking to winding down QE. But Ken thinks this comes as no surprise as QE was never going to be forever.
The US dollar largely weakened following her testimony to Congress.
01:48 minutes
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