Madame Chairman Holds Her Own
The members of the Senate Banking Committee were well-behaved as they questioned Federal Reserve Vice Chairman Janet Yellen, who, if confirmed, would be the first woman to run the Fed in its 100 year history. As for hot, market-moving headlines, Yellen's comments would seem to reduce the odds of a December, or any near-term, tapering. "Purchases have made a meaningful contribution to economic growth," Yellen said in the Q&A following her short opening statement, released yesterday. They "cannot continue forever."
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