Janet Yellen made her first appearance before Congress today as The Chosen One. In a performance that could have been scripted by the head of equities at J.P.Morgan (if The Leader and his cronies didn't hate Jamie so much), The sum of WHICH was, the economy is doing much better. The economy is still under performing. The Fed does not want--and should not want--to do anything to interrupt the improvement. In short it was a Bob Barker moment: "FREE MONEY! The whole damn world, COME ON DOWN!"
Do not look for any change in Fed policy until March or even later if this health care fiasco has any effect on the economy. Washington is a Walter Lantz cartoon: That's All Folks!
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