Yellen testimony continues
She just got 'billion' and 'trillion' confused when talking about the Fed balance sheet. I need another coffee to get through this. The chances of something market-moving in the last hour of this testimony is somewhere between slim and none.
More comments:
- A lot of expansion of US debt is in households with him income
A Senator cited a crazy statistic: The non-participation rate among 25-55 year-old men has risen to 15% from 4% in 50 years. Yellen said it's a long-term problem and that a skills mismatch and the opioid crisis are factors.
- Fed expects some rise in long-term market rates during the runoff
- Fed to factor yield curve in setting Fed funds rate
- Hitting 3% growth in the next 5 years would be "quite challenging"
