Thursday, September 22, 2016

Yellen Bullish On Stocks For 'A Long Time'

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*One comment jumped out at us in her press conference.
*Fed Chair Yellen said she understands central banks positioning is conducive for asset values.
*She hinted she expects that for a long time.
*She's a bull.

The Fed Chair was asked about market froth. She answered by saying that she did not see valuations extended. She also implied that this period of time may be conducive for higher stock and bond prices for "a long time." These are bullish comments coming from probably the most important financial figure in the world.
Other Fed Officials Worried About Valuations. Does The Fed Chair?
Bloomberg's Craig Torres asked the Fed Chair yesterday,
"I'm struck by your opening remarks that the economy is not overheating. Does that mean that the committee sees the global reach for yield is very low cost to its policy?"
There have been calls by NY Fed President Dudley that valuations are stretched. In August he said,
"I would argue the one area which looks a little bit stretched to me is the bond market."
The question was does Fed Chair Yellen agree with Fed President Dudley. He has been known to have a strong influence on the Fed Chair.
Fed President Rosengren, who voted for a hike Wednesday also had been worried about asset valuations. He was worried that market valuations could "become too ebullient."
That helped stocks sell off two weeks ago.
But what about Fed Chair Yellen?
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