Live on Bloomberg TV

00:00SHE JUST DODGED THE QUESTION. ALIX: OVERALL, WE JUST GOT THE TEXT OF HER STATEMENT. YOUR RESPONSE WAS THIS WAS TOWING THE PARTY LINE MORE THAN ANTICIPATED. DO YOU SEE THAT ONCE SHE GOT INTO TALKING? MIKE: BASICALLY, A REPEAT OF WHAT SHE SAID IN HARVARD, WITHOUT THE DATES. NOW WE HAVE THIS WILD CARD OF A WEAKER LABOR MARKET, AND DOES THAT CONTINUE? SO WE WANT TO SPREAD OUT WHAT OUR POSSIBILITIES ARE. IT DOES MEAN JUNE IS OFF THE TABLE, WHICH SHE WOULD NEED IT TO HAVE ENDORSE, IN ORDER TO HAVE THEM BE A REALISTIC POSSIBILITY. JULY COULD BE ON THE TABLE DEPENDING ON THE DATA. SEPTEMBER, CERTAINLY THEY WILL WATCH. SHE IS THINKING THE ECONOMY IS GETTING BETTER. HER FRAME OF REFERENCE IS PROBABLY AN ECONOMY THAT DESERVES HIGHER RATES. THE QUESTION IS, DOES THE DATA SUPPORT THAT? ALIX: INVESTORS SEEM PESSIMISTIC . TAKE A LOOK AT THE BLOOMBERG. AS WE SAW JANET YELLEN SPEAK, YOU SAW THE ODDS EVERY JULY RATE HIKE MOVE LOWER, 29%. IN JUNE, FORGET ABOUT IT. THERE IS NO 50% OR MORE EXPECTATION OF A RATE HIKE UNTIL DECEMBER. MIKE: WHAT WAS INTERESTING, SHE SORT OF REFERENCED IN THAT WHEN SHE SAID PEOPLE IN THE MARKETS WANT TO KNOW THE EXACT TIME AND DATE THAT WE WILL CONTINUALLY DISAPPOINT THEM. I DON'T HAVE AN ARGUMENT WITH THE 2% FOR JUNE. PROBABLY OFF THE TABLE, BUT YOU WATCH THE JULY AND SEPTEMBER FIGURES. THEY WILL MOVE AROUND AS THE DATA COMES IN. AND DON'T FORGET, SHE HAS A PRESS CONFERENCE AND THEN SHE TESTIFIES TO CONGRESS. CONGRESS WANT TO GET OUT OF TOWN SO THEY CAN CAMPAIGN. SO WE WILL BE SEEING A LOT OF JANET YELLEN IN THE NEXT COUPLE OF WEEKS. THOSE NUMBERS COULD MOVE AROUND A LOT. SCARLET: ON OUR BLOOMBERG FUNCTION, ONE OF THE COMMENTS THAT WE HAVE COMPILED, A HUGE CONTRAST BETWEEN THE WAY JANET YELLEN SPEAKS, HER TONE, AND THAT OF ONE OF HER PREDECESSORS, ALAN GREENSPAN. JANET YELLEN'S OVERALL STANCE IS WE DON'T KNOW. GREENSPAN WAS, WE KNOW. DIFFERENT ECONOMIC PERIOD, BUT IT IS INTERESTING THAT THE MARKETS ARE STRUGGLING WITH THIS IDEA OF WAIT AND SEE. MIKE: THE FED HAS CHANGED ITS POLICY FROM BEING PROACTIVE TO PREACTIVE. THEY ARE FOLLOWING DATA NOW MORE THAN GETTING AHEAD OF IT. YOU ALSO HAVE A CHANGE IN THE PERSONALITY OF THE CHAIR. JANET YELLEN WAS ASKED, HOW IMPORTANT ARE YOU IN THE GRAND SCHEME OF THINGS? WITH ALAN GREENSPAN, EVERYBODY KNEW WHAT HE WANTED. SHE SAID SHE HAS NEVER HAD THREE DISSENTS SINCE SHE WAS CHAIR. YOU HAVE TO GO BACK TIME TO 2011

No schedule data available.

Parsing Yellen's Speech at World Affairs Council

Bloomberg's Micheal McKee reports on Federal Reserve Chair Janet Yellen's speech at the World Affairs Council of Philadelphia. McKee speaks on "Bloomberg Markets." (Source: Bloomberg)

More From Bloomberg Markets
All episodes and clips