Yellen's appearance was a total dud
There was nothing remotely interesting in today's appearance from Janet Yellen. The lone headline was a line from her that she doesn't expect another financial crisis "in our lifetime."
"Would I say there will never, ever be another financial crisis? You know probably that would be going too far but I do think we're much safer and I hope that it will not be in our lifetimes and I don't believe it will be," she said, so it wasn't even as definitive as the headline-writers are pretending.
Still, the critics are jumping on that one. Whatever. It means nothing for monetary policy now or in the foreseeable future.
There were a bunch of questions about modeling, los of talk about the crisis, more economic theory and some terrible questions from reporters. We learned absolutely nothing about the path or rates or outlook for the economy.