Highlights of Yellen's press conference opening statement:
- Still expect moderate growth
- Importance of first hike shouldn't be overstated
- As labor market improves, inflation will move toward objectives
- Progress has been achieved, see room for improvement
- Wage growth relatively subdued
- Seems likely that cyclical weakness in labor market remains
- Continue to see hikes when Fed is reasonably confident
- Conditions do not yet warrant a rate hike
- My colleagues and I would like to see more decisive evidence that moderate economic growth will be sustained
- Policy will be data dependent
No glasses, purple yet again. Sell everything!
There's nothing hawkish in the opening statement. Classic Yellen, always a dove. The US dollar falling to fresh lows.
