Today and tomorrow, Yellen will be treating the world to her Congressional testimony. Her remarks have been released, and the summation of her entire disposition was boiled down to this one sentence:
““I see roughly equal odds that the U.S. economy’s performance will be somewhat stronger or somewhat less strong than we currently project…”
So has Janet joined the Elliott Wave brigade? Honestly, just take a look at that. She’s saying that, based upon the projections – – the projections, remember, of a building full of economics PhDs and luminaries – – that there is a 50% chance things could be better or a 50% chance that things could be worse. In other words………
The one thing the market “knows”, however, is that in spite of the endless – ENDLESS – press lately about how the Fed has taken away the punch bowl, and how people better get used to a non-accommodative Fed – – not a goddamned thing has changed.