Federal Reserve


Last quote about Federal Reserve

Brian Gardner - Keefe Bruyette & Woods
She's a known quantity, and there is less risk of disrupting the financial markets if the president renominates Dr. Yellen. Although President Trump is unorthodox in many ways, every president wants calm financial markets.feedback
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NEW Sep 22 2017
Janet L. Yellen, Peter Boockvar, Quincy Krosby and Diane Swonk, are the people who have been quoted the greatest number of times about Federal Reserve. You can find them on this page and an additional total of 351 people who have something to say about this topic. All the 684 quotes on this page are sorted by date and by name. You can also have access to the articles to get the context of the quotes. The most recent quote from Janet L. Yellen is: “We put in place since the financial crisis, a set of core reforms that have strengthened the financial system. And in my personal view, it's important they remain in place. And those core reforms are: more capital, higher quality capital, more liquidity, especially in systemically important banking institutions. Stress testing and resolution plans, and those four prongs of improvements in banking supervision have really strengthened the financial system.”.
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All quotes about Federal Reserve

Kully Samra - The Charles Schwab

The Fed's announcement today to start unwinding the balance sheet has already been priced in by markets, but we continue to believe the Fed's 'quantitative tightening' could be the cause of some heightened volatility, especially as the impact on the real economy remains largely unknown.feedback

Janet L. Yellen - Federal Reserve System

We take our supervision responsibilities of the company very seriously, and we are attempting to understand what the root causes of those problems are and to address them. I'm not able to discuss confidential supervisory information and not yet able to tell you, but we're committed to taking the actions we regard as necessary and appropriate to make sure the right set of controls are in place in that organization. We're working very hard on it.feedback

Rainer Michael Preiss

Of course, if you run a very large U.S. bank, most probably you are afraid of blockchain and bitcoin. The concerns are about the fractional reserve banking system, and the balance sheet of the Federal Reserve at $4.5 trillion, where the Fed officially refuses an audit. On the other hand, on the bitcoin blockchain, you have an audit everyday because it's open-sourced.feedback

Jason Pride

The most important thing Yellen needed to communicate to the market was that the bond sale plan and rate increases are not on autopilot.feedback

Elizabeth Warren

Janet Yellen is somebody who's gotten out there, she's talked about the importance of an economy that works well, not just for those at the top but for the rest of America.feedback

Elizabeth Warren

This is the Fed's chance to step up and say, When you cheat consumers, when you open fake accounts, when you force place insurance on them that they don't need, when you charge them money that they don't owe, then we, the Federal Reserve, are going to say, those who are in charge, those who are responsible are gone. We can't trust you to run a company of this size. I really want to see the Fed step here. The Fed has to power to do it. They just need to step up and do it.feedback

Kathy Lien - BK Asset Management

Unfortunately, there's not much in the way of guidance that she can provide, because the Federal Reserve themselves are kind of confused and uncertain about when to raise interest rates, and where the U.S. economy is headed.feedback

Ron Sanchez

The trend in inflation has taken a downtick. I think she [Ms. Yellen] will need a little more evidence on the inflation side over the next month or two to have some conviction about moving rates in December.feedback

Jennifer Rubin

Senior economic adviser Gary Cohn told the media that President Trump had to “do better” after his Charlottesville comments equating the neo-Nazis with counter-protesters (something Trump did again on Thursday, a day after meeting with the only African American Republican senator, Tim Scott of South Carolina.) Cohn contradicted his boss directly, stating, “Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis and the KKK.” He reportedly even drafted a resignation letter. For all that garment-rending, Cohn may have lost a nomination to the Federal Reserve and earned himself Trump’s petulant treatment for disloyal aides - “refusing to make eye contact.” (Yes, this really is like high school.).feedback

Justin Lederer - Cantor Fitzgerald

You're basically at 50/50. The Fed I think is itching to get one more rate hike in this year, but the market has been discounting it. We'll see next Wednesday what [Fed Chair Janet] Yellen and the statement have to say about it, and there's also tomorrow's retail sales which is a big number as well.feedback

Victor Jones - TD Ameritrade

I don't think the market was expecting that kind of a strength in terms of inflation. What people want is know is whether or not Yellen is going to talk about the lack of inflation as transitory, or whether it is continuing to concern them. The tone coming out of September meeting will help drive the expectations into December.feedback

Steven Mnuchin

I'm working closely with the president on the issue. He hasn't made any decisions and that's one of the things he's still considering. There's a lot of good people.feedback

George Monbiot

The perpetual quest for growth drives our economics. That’s why our environment and financial system lurch from crisis to crisis. There was “a flaw” in the theory: this is the famous admission by Alan Greenspan, the former chair of the Federal Reserve, to a congressional inquiry into the 2008 financial crisis. His belief that the self-interest of the lending institutions would lead automatically to the correction of financial markets had proved wrong. Now, in the midst of the environmental crisis, we await a similar admission. We may be waiting some time.feedback

Steven Mnuchin

I obviously will respect the confidentiality of the process and not make any comments on any specific people that the president is considering. There's a lot of good people. The chair is obviously quite talented, and she's being considered, but there's a lot of great people that we've been meeting with and considering as well.feedback

Phillip Streible - R.J. O'Brien & Associates

This trade should continue now, with Hurricane Irma coming through … and what this will do is it will handcuff the Federal Reserve from having the ability to raise interest rates for the remainder of the year. Because of that, we'll see interest rates sell off, and gold, since it's a non-yielding asset, will most likely continue higher from there.feedback

Quincy Krosby - Prudential Financial

He bridges the world of a central banker but also having the market experience, which is a strong combination. Perhaps the thinking will be that someone who has Wall Street experience understands markets. The president is going to choose someone both with experience in the market and understanding of the markets. We don't know if [Yellen] wants it. She's been very discrete and many are saying that Jackson Hole could have been her swan song.feedback

Quincy Krosby - Prudential Financial

There's an expression that always haunts us: When rates rise, something always breaks. Janet Yellen has been trying very hard to transition to normal monetary policy, to make sure something doesn't break. ... The question then becomes, does someone who comes in understand that and know the history of the Fed's experience in raising rates?feedback

Christopher Whalen

People who thought we were going to keep the same cast of characters around, I hope they realize now that's not the case. There's going to be a significant change. It will be far less interventionist, far less prone to experiment.feedback

Greg Valliere

Monetary policy is going to be data dependent. If that's true perhaps the more intriguing angle is regulatory policy. That may guide his thinking on the next chairman.feedback

Seth Carpenter - UBS

The nomination and confirmation process can be quite slow. Given the full slate of issues that the Congress has to confront (the debt limit, the budget, tax reform, inter alia) the Senate will be hard pressed to complete more than one confirmation process.feedback

Greg Valliere

She's 71, and she's got a choice of maybe slowing down her pace and writing a book, or presiding over the winding down of the balance sheet with a big group of Trump appointees at the Fed. She may choose the former rather than the latter.feedback

Paul Ashworth - Capital Economics

Yellen and Fischer are viewed as being close and appear to share very similar views on both the monetary policy outlook and regulatory issues. Trump is keen to roll back much of the regulation put in place after the financial crisis, whereas Yellen and Fischer are staunch defenders of that regulation, arguing that it did not have an adverse impact on the economy or credit availability, but did make the financial system more safe.feedback

Stanley Fischer - Federal Reserve System

It has been a great privilege to serve on the Federal Reserve Board and, most especially, to work alongside Chair Yellen, as well as many other dedicated and talented men and women throughout the Federal Reserve System. During my time on the Board, the economy has continued to strengthen, providing millions of additional jobs for working Americans.feedback

Antoine Bouvet - Mizuho Securities

The 10 basis point fall in Treasury yields is clearly not something the European market can ignore. The market's also taking a bit of view on what the U.S. Federal Reserve will do next.feedback

Christian Hille - Deutsche Asset Management

In general, going into Autumn with European Central Bank (ECB) and Federal Reserve meetings ahead, some misinterpretation/miscommunication (central bank failure) could lead to market stress with rates moving higher substantially, spread widening, equity market drop, etc. U.S. recession in 2019 at the earliest, hence further room to go.feedback

Joel Myers - AccuWeather

This will be the worst natural disaster in American history. The economy's impact, by the time its total destruction is completed, will approach $160 billion, which is similar to the combined effect of Hurricanes Katrina and Sandy. Business leaders and the Federal Reserve, major banks, insurance companies, etc. should begin to factor in the negative impact this catastrophe will have on business, corporate earnings and employment.feedback

Zane Brown

Although the Fed's initial pace of balance-sheet slimming seems very manageable, the prospect of persistent increases in the rate of reduction could at some point produce investor concern. Regardless of investor reaction, the normalization of the Fed's balance sheet seems likely to be 'noisier' than the uneventful outcome suggested by Fed officials, and potentially a much different experience than the 'like watching paint dry' comparison offered by Chairwoman Yellen.feedback

Richard Fisher - Federal Reserve System

The two biggest vaults in the system here are in Dallas and in Houston. Houston has the largest above-ground vault in the United States. Between the two of them, they're the two largest vaults in the Federal Reserve system. One hundred and twenty-seven billion passed through those vaults last year.feedback

Greg Valliere

The president demands unwavering loyalty [just ask [former FBI director] Jim Comey], and he never forgets a slight. Yet Trump got a smackdown this weekend from Gary Cohn and Janet Yellen. Yellen's prospects have slipped even further, after her full-throated defense of tough Wall Street regulations and free trade deals.feedback

Kathy Lien - BK Asset Management

In general, what you're seeing is a consistent tone of dollar weakness. The disappointment from (U.S. Federal Reserve Chair Janet) Yellen at Jackson Hole on Friday has carried over to trading this week.feedback

Imre Speizer - Westpac Group

Markets (were) disappointed with the Yellen speech and they sold the dollar and pushed bond yields down.feedback

Axel Merk

If you believe that traders were positioned for Draghi to talk down the euro, then they have to cover their positions.feedback

Nina Pavcnik

The backlash against globalization does not arise because people doubt trade's overall benefits. The backlash reflects that trade makes some individuals worse off.feedback

Apryl Evelyn Lewis

I don't agree with the Fed's recent decisions to raise rates. But Yellen's record over the years shows that, overall, she cares about people like me.feedback

Mario Draghi - European Central Bank

People are concerned whether openness is fair, whether it's safe and whether it's equitable. There is never a good time for having lax regulation.feedback

Alan Blinder

We economists think that David Ricardo got it mostly right 200 years ago, and a lot of people think he got it badly wrong, and we haven't convinced them in 200 years.feedback

Janet L. Yellen - Federal Reserve System

Evidence shows that reforms since the crisis have made the financial system substantially safer. While material adverse effects of capital regulation on board measures of lending are not readily apparent, credit may be less available to some borrowers, especially homebuyers with less-than-perfect credit histories and, perhaps, some businesses.feedback

Donald J. Trump

I have so many people, friends of mine, that had nice businesses. They can't borrow money. They just can't get any money because the banks just won't let them borrow it because of the rules and regulations in Dodd-Frank. I think she's very political and to a certain extent, she should be ashamed of herself.feedback

Paul Christopher

If you hear Janet Yellen say something like, Well, gee, we really don't think that lending has grown excessively,' that's a good sign for the markets.feedback

Art Cashin

It looks like Jackson Hole might turn out to be a duller-than-expected event. Now (Yellen) could always surprise us but I think she wants to be very careful about not disturbing the market.feedback

Janet L. Yellen - Federal Reserve System

Our more resilient financial system is better prepared to absorb, rather than amplify, adverse shocks, as has been illustrated during periods of market turbulence in recent years. Enhanced resilience supports the ability of banks and other financial institutions to lend, thereby supporting economic growth through good times and bad.feedback

Shin Kadota - Barclays

Surprises from Jackson Hole, if any, would probably come from Yellen rather than Draghi, and any impact on the euro would come from moves in the dollar. Market expectations for a December Fed rate hike have sunk quite low and there is room for improvement.feedback

Roberto Perli - Cornerstone Macro

When central bankers avoid a certain topic, it's often because they are comfortable with what markets are expecting.feedback

Mario Draghi - European Central Bank

On one hand we are confident that as the output gap closes inflation will continue converging to its objective over the medium term. On the other hand, we have to be very patient because the labour market factors and the low productivity are not factors that are going to disappear anytime soon. We have not seen yet the self-sustained convergence of inflation to the medium-term objective. Therefore a significant degree of monetary accommodation is still warranted.feedback

Paul Ashworth - Capital Economics

Fed Chair Janet Yellen's passionate defence of the post-crisis tightening of financial regulation isn't going to go down particularly well at the White House. Donald Trump has made rolling back regulation the centre-piece of his presidency.feedback

Jean Tate - Federal Reserve System

To our knowledge, the consumers who have attempted to make payments using Federal Reserve routing numbers and their Social Security numbers have not given their information to fraudsters.feedback

Marc Chandler - Brown Brothers Harriman

She didn't say anything that the market wanted to know about Fed policy. It's seen the 10-year yield slip and has seen the dollar weaken. It was not that she said anything bullish for foreign currencies; it was that she didn't say anything positive for the U.S.feedback

Chris Low

People had hoped for some excitement. The bond market is rallying with at least some people thinking (Yellen) would make the case for more rate hikes to take some steam out of the stock market.feedback

Mark Zandi - Moody's Analytics

I think there's a lot of pressure on the Federal Reserve to normalize monetary policy.feedback

Mark Haefele - UBS Wealth Management

Our current assessment of the overall risk and reward picture keeps us overweight global equities in our tactical asset allocation. Earnings and economic growth are strong enough, and central bank policy is still sufficiently loose to suggest that, in the absence of a shock, markets are likely to trend higher over the next six months.feedback

Kathy Lien - BK Asset Management

Due to the uncertainty in the global markets and recent sell-off in U.S. stocks, there's no better reason than the now for Yellen and Draghi to stick to script.feedback

Mark Cabana - Bank of America Merrill Lynch

I think [Yellen could] come out and suggest she sees increased risks to financial stability from easy financial conditions, similar to how some of the staff, at least at the last FOMC meeting, had noted valuation pressures have moved from notable to elevated.feedback

Shawn Sebastian - Federal Reserve System

We have been critical of Janet Yellen. Considering the other people under consideration, there's just no question.feedback

Michael Arone - State Street Global Advisors

I don't think she's going to use (Friday's) speech as her legacy, but I do think she and the Fed are concerned with what happens after they leave. [Alan] Greenspan was the 'maestro' until it fell apart, [Ben] Bernanke was credited with saving the markets but then criticized for keeping policy too easy. I think Yellen is very concerned with post-tenure bubbles popping and what will happen. Will she be a scapegoat for that?feedback

Paul Sheard - S&P Global

Financial stability is really important. If you have a financial crisis and you have financial instability, you really throw the economy into a lot of turmoil and you can't be achieving your objectives. One of her great achievements over the course of her four-year tenure was to communicate how the Fed would go about starting to unwind its balance sheet, to lay out the principles and start the process. When historians look back, that will be seen as a major achievement of her chairmanship.feedback

Michael Hood

The core CPI inflation rate, which excludes food and energy prices, hit 2.3 percent year-on-year in February. And the core PCE deflator, the index targeted by the Federal Reserve, ran at a 1.8 percent year-on-year clip in that same month, within shouting distance of the Fed's 2 percent goal. Our forecasts called for ongoing, gradual acceleration. Instead, inflation has gone into reverse during the past several months, with both indices dipping well below 2 percent in year-over-year terms. By some measures, wage inflation has also cooled recently.feedback

Esther George - Federal Reserve Bank Of Kansas City

I think we should continue with the gradual rate path. While we haven't hit 2 percent, I'm reminded that 2 percent is a target over the long term, and in the context of a growing economy, of jobs being added, I don't think it's an issue that we should be particularly concerned about unless we see something change.feedback

Gene Sperling

The Bernanke and Yellen Fed do deserve praise for very expansive and creative monetary policy and that there has been real policy since 2010. We should also equally recognize it doesn't mean things are good enough.feedback

Michael Vogelzang

The biggest risk we haven't talked about and one that, frankly, is more important than the political agenda, is what the Federal Reserve is doing in shrinking their balance sheet.feedback

Jeremy Klein - FBN Securities

Central bankers will begin gathering on Thursday night in one of the most highly anticipated Jackson Hole symposiums in recent memory. However, most analysts do not expect [Fed Chair] Janet Yellen or Mario Draghi to break any new ground with monetary policy when speaking at the conference. Shares should therefore regain their footing as we close out August and head into September albeit neither the Fed nor the ECB has enough sugar in the cupboard to make the medicine each will soon administer go down easily.feedback

Jordan Rochester

If Yellen makes this point in her Jackson Hole speech, that reinforces the likelihood that the FOMC [Federal Open Market Committee] will raise rates again at their meeting in December.feedback

James Knightley

Markets expect one rise in interest rates over the next 18 months but the Fed says it expects four rises, so it could become a nasty environment.feedback

Ian Shepherdson - Pantheon Macroeconomics

Clearly this is a prime opportunity for Ms Yellen to tell markets that the Fed expects to keep raising rates, despite the recent run of soft core consumer price inflation numbers, because the labour market cannot be allowed to tighten much further.feedback

Hiroko Iwaki - Mizuho Securities

People focus on inflation but in the Fed's minutes policy makers spend a lot of time discussing whether bond yields are too low or asset prices are too high. If Yellen questions market stability, markets will expect a tighter policy.feedback

Marc Chandler - Brown Brothers Harriman

I think Jackson Hole is going to be disappointing. Draghi is not going to say anything. Neither is Yellen.feedback

Greg Valliere

Cohn's probably the front-runner to replace Janet Yellen, so I can't see him voluntarily giving up an opportunity like that. I don't see him getting fired. I think he's held in high regard. It was clear to me and I think a lot of people on Tuesday that he was distressed by Trump's doubling down on the Charlottesville stuff, but I don't think it's sufficient for him to quit. I think like everyone at the White House, he's distressed about what Trump has done.feedback

Bill Northey

Ultimately, as you step back from the intra-day, intra-week dynamics, the bigger influences between here and the year-end are the Federal Reserve and the normalization of the balance sheet.feedback

Jack Ablin

This [jobs report] does not give the federal reserve a clue one way or the other. It fits exactly into the trend. It's good I think the market will like it, but this offered no new information for the fed.feedback

Marc Chandler - Brown Brothers Harriman

I think this is a combination of negative news out of the U.S. and more positive news out of Europe. There are lower expectations for tighter monetary policy out of the Federal Reserve and higher expectations for more tightening out of the European Central Bank.feedback

Robert J. Samuelson

How the Fed manages to gradually shrink its bond holdings will shape the economy — and her legacy.feedback

Luke Hickmore - Aberdeen Asset Management

This is a clear signal that the Fed will start unwinding its gargantuan balance sheet in September. It also leaves the door open for one last rate hike in December. You get the sense that [Fed Chair Janet] Yellen would like to raise rates again this year. But inflation just doesn't support it at the moment. So the Fed needs to make a call on whether to put less stock in inflation or not.feedback

Jeremy J. Siegel

I was pleased with Trump's comments about Janet Yellen. I think she's done a good job ... I think that's a good team. I think that's a good team for the Trump administration. The fact that he has actively said he is considering her, I mean I think that should be very, very positive the markets.feedback

Stephen Wood - Russell Investments

The European Central Bank will be accommodative as opposed to the U.S. Federal Reserve, which is looking at how and when to take away accommodation. From the economic cycle perspective, we think Europe is stronger right now than the U.S. and the valuations are relatively attractive. That is going to take a little while for the market to digest.feedback

Mike van Dulken - Accendo Markets

It may provide some clarity on the outlook for further rate hikes in light of recent poor inflation data, and investors are eager to know more about the timing of its balance sheet unwind, however, Yellen may again only offer crumbs with which we can ponder for the rest of the summer.feedback

Peter Ireland

If you see inflation running below target persistently, for so long, it's really hard to get around the idea that, despite everything, monetary policy has actually not delivered sufficient accommodation. It's a reason not to clamor for additional rate hikes on top of what we've already seen.feedback

Janet L. Yellen - Federal Reserve System

It's premature to reach the judgment that we're not on the path to 2 percent inflation over the next couple of years. We're watching this very closely and stand ready to adjust our policy if it appears the inflation undershoot will be persistent.feedback

Bill Gross

The adherence of Yellen, Bernanke, Draghi, and Kuroda, among others, to standard historical models such as the Taylor Rule and the Phillips curve has distorted capitalism as we once knew it, with unknown consequences lurking in the shadows of future years.feedback

Joel Kan

Treasury yields were slightly lower last week as testimony from [Fed Chair Janet] Yellen was perceived to be more dovish than expected, and as the market received data signaling weaker inflation and retail sales for June. These factors kept the 30-year fixed-contract rate flat over the week.feedback

Janet L. Yellen - Federal Reserve System

I believe we have done a great deal since the financial crisis to strengthen the financial system and to make it more resilient. Some of them, yes.feedback

Robert Sinche - Amherst

I think it will be a delayed process. We need inflation more than anything else. The employment numbers don't matter, growth numbers don't matter. All that matters is inflation.feedback

Ward McCarthy - Jefferies

I think this has caused some consternation not just with Janet Yellen but with other people at the Fed, as well. It does look like it's going to slow down the normalization process.feedback

Viraj Patel

It is broadly a U.S. dollar-negative market as latest comments from Yellen and others suggest that interest rates will rise very gently and that is supportive for high-yielding currencies for now.feedback

Paul Fage - TD Securities

Global risk appetite has been good, most major stock markets are up over the week ... thanks to a mixture of Yellen and OK growth but not threatening growth.feedback

Janet L. Yellen - Federal Reserve System

We need to conduct a thorough investigation to look at the full record ... We are certainly prepared to take enforcement actions.feedback

Sherrod Brown

Lobbyists are using the success of these reforms as proof that they should now be gutted. I'm sure that every college student you taught in your long, distinguished academic career who struggled in class would have wanted the same thing. But they, unlike our nation's largest banks, would have been too embarrassed to ask their professor.feedback

Janet L. Yellen - Federal Reserve System

It is challenging to move productivity growth up that much, but I hope that Congress and the administration will focus on changes that will succeed in accomplishing that.feedback

Elizabeth Warren

How could removal of these board members not be warranted given the facts that we already know? Can you explain to me how the Wells board can possibly have satisfied its obligations under the Fed's risk management regulations?feedback

Janet L. Yellen - Federal Reserve System

Of course, considerable uncertainty always attends the economic outlook. There is, for example, uncertainty about when – and how much – inflation will respond to tightening resource utilization. Possible changes in fiscal and other government policies here in the United States represent another source of uncertainty.feedback

Janet L. Yellen - Federal Reserve System

The behavior that we saw was egregious and unacceptable and it is our job to understand what the root causes are of those failures. We are certainly prepared to take enforcement actions if those are appropriate. I haven't really decided that issue.feedback

Art Cashin

Finding a health-care bill that was not dead on arrival gave them the feeling not so much about health care but that maybe tax reform might have some life if these guys can get close to agreeing on health care.feedback

John Manley

She's aware of the inflation risks, she's aware of the deflation risk, she's aware of the asset bubble risk.feedback

Art Cashin

We started out with a bounce in the morning hoping that Yellen would bring another box of candy to the game. When she failed to do that, the market pulled back.feedback

Kathy Lien - BK Asset Management

Yellen gave some hope to the dollar bulls with her acknowledgement of the improvements in the economy, but at the end of the day investors are still skeptical of what data is going to be like. That's why you have not seen much in the way of additional follow through in dollar demand.feedback

Janet L. Yellen - Federal Reserve System

There are shocks that impact the economy, and a negative shock could end the expansion. But I don't see anything inherent in the nature of the expansion that suggests it will come to an end anytime soon.feedback

Elizabeth Warren

If bank directors that preside over the firing of thousands of employees for creating millions of fake accounts can keep their jobs, then I think every bank director in this country knows that they are bulletproof. You have the power to change the culture on Wall Street. I know you care about this issue. I hope you will use that power.feedback

Janet L. Yellen - Federal Reserve System

In the last five years, productivity growth has averaged a half percent. The last decade, something like 1.1 percent.feedback

Janet L. Yellen - Federal Reserve System

I will say that the behavior that we saw was egregious and unacceptable. We do have the power if it proves appropriate to remove directors. A number of actions already have been taken. We need to conduct a thorough investigation to look at the full record to understand the root causes of the problems. We are certainly prepared to take enforcement actions if those prove to be appropriate.feedback

Janet L. Yellen - Federal Reserve System

Spending on health care is an important aspect of household budgets, and changes there could have an affect on spending on a wide range of goods and services in the economy. And access to health care is important.feedback

Elizabeth Warren

Here's what worries me. Time after time, big banks cheat their customers, and no actual human beings are held accountable. Instead there's a fine, which is ultimately paid for by shareholders, not by executives and certainly not by directors of the board.feedback

Janet L. Yellen - Federal Reserve System

Ongoing job gains should continue to support the growth of incomes and, therefore, consumer spending; global economic growth should support further gains in US exports; and favorable financial conditions, coupled with the prospect of continued gains in domestic and foreign spending and the ongoing recovery in drilling activity, should continue to support business investment. These developments should increase resource utilisation somewhat further, thereby fostering a stronger pace of wage and price increases.feedback

Janet L. Yellen - Federal Reserve System

Monetary policy is not on a pre-set course. We're watching it very closely and stand ready to adjust our policy if it appears that the inflation under-shoot will be persistent.feedback

Jill Stein

The Federal Reserve basically cancels the debt, it doesn't cost taxpayers one penny.feedback

Bas Van Geffen - Rabobank

It mostly seems to be down to Yellen, . The fact that it seems like the Fed is going to take it slowly is being seen as a good sign by the equity markets and by the currency markets.feedback

Jared Bernstein

A study from the Federal Reserve underscores the importance of full employment for minority workers.feedback

Ethan Harris - Bank of America Merrill Lynch

The story here is we've had this big slowdown in the auto industry, which I think is legitimate. The auto industry has been driving sales aggressively with subprime lending and leasing agreements. They've pulled sales forward. I think the sector is peaking. It's the only major cyclical part of the economy that's cooled off. I don't think it's a sign of a broader weakening in the economy. I think it's specific to autos.feedback

Art Cashin

It's going to be important with the Fed sitting on their hands. How are the banks doing, without help from the yield curve?feedback

Art Cashin

People are discussing it. That gave people hope. The mere fact it wasn't dead on arrival gave some people hope for tax reform.feedback

Michael Crapo

I regularly hear from Idaho businessmen and women who are concerned about access to loans that would create jobs and build a healthy economy.feedback

Bart Wakabayashi - State Street

The overall assessment is that Yellen sounded dovish, but perhaps this was a result of her attempt to assuage too many concerns at once. Our data suggests that U.S. inflation is actually picking up again. The Fed appears to still be in a position to continue hiking rates.feedback

Mike van Dulken - Accendo Markets

Calls for a flat open are at odds with a positive US close and follow a mixed session in Asia overnight. While a less hawkish testimony from Fed Chair Yellen gave markets a boost yesterday, by inspiring hope of cheaper money for longer, USD weakness since has offered mixed blessings. FX hindrance could thus dent the FTSE today as GBP/USD extends its rebound to $1.29, weighing on London-listed stocks with an international reliance. However, remember also that a weaker USD also represents a benefit for the key commodity space, namely oil and miners.feedback

Yoshihiro Okumura

When market's volatility is low, investors look to small-to-mid cap stocks after giving up chasing large cap stocks higher.feedback

Kathy Lien - BK Asset Management

Investors have been skeptical of the Fed's hawkishness in the days leading up to Janet Yellen's testimony and when she failed to sufficiently emphasize the improvements in the economy, the dollar U-turned as the bulls abandoned their trades quickly.feedback

Janet L. Yellen - Federal Reserve System

Because the neutral rate is currently quite low by historical standards, the federal funds rate would not have to rise all that much further to get to a neutral policy stance. Because we also anticipate that the factors that are currently holding down the neutral rate will diminish somewhat over time, additional gradual rate hikes are likely to be appropriate over the next few years to sustain the economic expansion and return inflation to our 2 percent goal.feedback

Keith Bliss - Cuttone & Company

I think what Chair Yellen said today was basically the Goldilocks testimony where she gave salve to maybe anybody who's thinking the economy is not tracking well or that they were going to raise rates quicker than they've said or they were suddenly going to unleash all the bonds onto the bonds on the market.feedback

Peter Boockvar - The Lindsey Group

The Goldilocks interpretation of today's Fed statement I think was a bit overdone. I don't know what the market interpreted as new. She said nothing new. It just shows you that the market is still obsessed with an easy Fed. As much as it has shrugged off the rate hike at the end of the year, they still like an an easy Fed. But she is still tightening the balance sheet. I think it's a much bigger deal.feedback

Peter Boockvar - The Lindsey Group

CPI core was above 2 percent for like 15 months in a row and the irony is the Fed never tightened through that. I think food prices all of a sudden could replace energy prices as an influence on headline inflation.feedback

Jack Ablin

The consensus is the Fed is wrong, and maybe the Fed is right this time. I think they're viewing the balance sheet reduction and rate hike as the same effect.feedback

John Briggs - NatWest

She took a very small step acknowledging it might not just be transitory factors. They're watching it carefully.feedback

Jack Ablin

This isn't a meteor coming from outer space. This is a self-contrived thing. I'm worried that a lot of the gains in growth can be directly attributed to the trillions of dollars the central banks printed and funneled into the market, but at the same time I don't think it's a foregone conclusion they're going to close up shop and sell everything.feedback

Jim Vogel

People are going to be very anxious if that was just a statistical glitch ... or if it is going to continue.feedback

Janet L. Yellen - Federal Reserve System

To my mind, a prudent course is to make some adjustments as long as our forecast is that we're heading back to 2pc.feedback

Janet L. Yellen - Federal Reserve System

What I previously said is that I absolutely intend to serve out my term.feedback

Elon Musk - Tesla Motors

Over time I think we will probably see a closer merger of biological intelligence and digital intelligence.feedback

Janet L. Yellen - Federal Reserve System

Wages and jobs of middle class families that have seen diminishing opportunities and downward pressure on middle class wages, we have to take effect of the technological change that have eliminated middle income jobs and globalization that has reinforced the impact of tech.feedback

Janet L. Yellen - Federal Reserve System

For many years, many American companies have been sitting on a lot of cash and have been unwilling to undertake investment in the scale we would ideally like to see.feedback

Jim Iurio - TJM Institutional Services

After months of talking tough on rates it appears that Janet Yellen has changed her tune. My belief is that the original hawkishness was contingent on a belief that pro growth policy changes were right around the corner. However, this takes away one of stock markets primary worries, that the Fed would raise rates before the political landscape could be sorted out. In other words, this is a long way of saying the Fed's got your back.feedback

Quincy Krosby - Prudential Financial

There seems to be a resurgence of the tug-of-war within the Fed regarding the rates trajectory. At here [June] press conference, she indicated that the bar to keep rates lower for longer was higher. Now it seems like that may change.feedback

Mark Grant - Hilltop

We are not in a normal world. We have the central banks in all over the world – Japan, ECB, even our own Fed – with the $4.5 trillion balance sheet. There is no normalcy. This is not normal, and I don't know why the Fed is talking about it.feedback

Christine Lagarde - International Monetary Fund

There may, one day, be another crisis. I plan on having a long life and I hope she (Yellen) does, too, so I wouldn't absolutely bet on that because there are cycles that we have seen over the past decade and I wouldn't exclude that. Where it will come from, what form it takes, how international and broad-based it will be is to be seen, and typically the crisis never comes from where we expect it.feedback

Hirokazu Kabeya - Daiwa Securities Group

Yellen's testimony is the biggest focus. I don't expect shares to move much in either direction ahead of that.feedback

Hiroko Iwaki - Mizuho Securities

The e-mails look pretty bad but then again they don't look like decisive evidence (for illegal behaviour) either. I doubt this alone would lead to a risk-off market. I would think Brainard was in a way speaking for Yellen. It seems like the Fed is becoming cautious about rate hikes.feedback

Jim Vogel

Yellen's congressional remarks reminded traders that inflation's path higher remains an uncertainty in the Fed's rate policy.feedback

Janet L. Yellen - Federal Reserve System

A strengthening in economic growth abroad has provided important support for U.S. manufacturing production and exports.feedback

Janet L. Yellen - Federal Reserve System

Such prescriptions cannot be applied in a mechanical way. Their use requires careful judgments.feedback

Tomoaki Shishido - Nomura Securities

Yellen has indicated after the June policy meeting, in the clearest way as possible by her standards, that she plans to start balance sheet reduction and there will be one more rate hike this year. Since then, there's been no big changes in the economy. I would think the U.S. CPI data on Friday could be more important. If the Fed's assessment that the softness in CPI between February and May is transitory, the Fed will go ahead with its plan. If that's not the case, some Fed policymakers will want to revise that plan.feedback

Ethan Harris - Bank of America Merrill Lynch

It's no pain, no problem. My personal view is that will be challenged down the road. Right now the markets have gotten used to the idea the Fed doesn't follow through...I think the market in a sense is saying it's not sure anything is going on here...I think there's going to be some meeting in the middle, where the markets, the bond market in particular, starts to feel a little bit of pain, some of which we've seen in the last week or so as yields began to rise.feedback

Thomas Simons - Jefferies

You look at the futures market and the probability [of a rate hike this year] is low. It's 12 percent for September and December is 54 percent.feedback

Thomas Simons - Jefferies

You don't get a full pricing in of a rate hike until May, 2018. People would say there is not one priced in until June. I think Yellen is going to try to disabuse us of this notion tomorrow. If she repeats what she said [after the June meeting], you can throw away all the dovish talk we heard.feedback

Ethan Harris - Bank of America Merrill Lynch

There's no reason for her to change her tune. They laid out the story pretty clearly. Their view, and I think it was confirmed by the jobs number is: 'We have a strong jobs recovery going on. We're either at full employment or we're likely to be at full employment shortly. The job market shows no signs of slowing down. Even if core inflation readings look a little weak for a couple of months, ultimately that will change.' I think that's the basic message. The labor market trumps the inflation picture.feedback

Masafumi Yamamoto - Mizuho Securities

Normalisation of monetary policy in the coming months is almost priced in, and the Fed will start shrinking its balance sheet in September, and this does not necessarily mean a delay of rate hikes, . This is supporting the dollar as a positive factor, and limiting its downside at the moment. I think Yellen will confirm that rate hikes are coming, and that balance sheet shrinkage will come.feedback

Tim Brown

If the (Yellen) commentary is a little more hawkish, it's going to put a little more pressure on gold again and going by previous FOMC minutes, it's probably going to be. A lot of it has already been priced in.feedback

Koji Fukaya - FPG Securities

The main focus is whether Yellen makes it clear in Congress that the Fed intends to begin winding down quantitative easing. Once the intent is shown in front of Congress, the next step would be to actually follow through with it.feedback

Marc Chandler - Brown Brothers Harriman

When push comes to shove, the ECB is still talking about changing its words. The Federal Reserve is talking about shrinking its balance sheet. Draghi said they're not going to raise rates until they're done with QE [quantitative easing]. I'm not sure it's a concerted effort, but with rates so low the officials are letting some steam out of the system. I think we've unwound a lot of the Trump policy mix … but the reason we were bullish on the dollar last year before the election is the same reason we should be bullish now. It's not about fiscal policy, it's about monetary policy.feedback

Mikihiro Matsuoka - Deutsche Bank

The US Federal Reserve appears willing to accelerate the frequency of the rate hikes, which could further amplify the negative shocks.feedback

Jeremy Klein - FBN Securities

The economic calendar goes dark until later this week. Although Janet Yellen will march up the steps of Capitol Hill on Wednesday, the Chairman will likely not add any new pieces to the current monetary policy puzzle. Hence, portfolio managers have started to shift their focus to the upcoming earnings season.feedback

Jim Cramer

This is nirvana for banks. This rate rise makes it ... so easy for Janet Yellen. It makes it so JPMorgan, you got to go to a $100 price target. ... It's going to have a remarkable quarter.feedback

Ward McCarthy - Jefferies

The Fed has made it very clear their focus is not that narrow. Yes, the Fed would like to see wage growth accelerate…the average hourly earnings is not going to change their view on inflation. [Janet] Yellen and Bill Dudley and the minutes made it clear they have dismissed the transitory factors that are subduing inflation.feedback

Junichi Ishikawa - IG Securities

Expectations that the European Central Bank and other central banks joining the Federal Reserve in moving towards tighter policies are causing a diversification of funds away from Treasuries. The key point is that higher U.S. yields also tend to weigh on high-tech sectors by increasing their funding costs.feedback

Jim Cramer

I think the economy is OK. I think that inflation is lower than they want. They definitely want to get off the emergency. I think that the Fed is kind of – it's in a unique place. It can take a lot of action and not hurt the stock market. It can move and people will continue to buy the banks.feedback

Jim Cramer

That rotation out of tech, I think it had much more to do with a markup that existed until the week before of a serious markup of everything internet of things, everything video games, everything of artificial intelligence and not social media and not web services.feedback

Janet L. Yellen - Federal Reserve System

We're not targeting financial conditions. We're trying to generate paths for employment and inflation that meet our mandated objectives.feedback

Shin Kadota - Barclays

The dollar's latest rise is driven by direct demand, as opposed to the U.S. currency gaining thanks to the weakness of its peers. Expectations towards the Federal Reserve hiking interest rates later this year had perhaps sunk too low. We are now seeing such lowered expectations being reversed a little.feedback

Janet L. Yellen - Federal Reserve System

We think it will be appropriate for the attainment of our goals to raise interest rates very gradually to levels that are likely to remain quite low, although there is uncertainty about this, to remain low by historical standards for a long time.feedback

Simon Quijano-Evans - Commerzbank

It's a combination of Draghi and the Yellen comments – Draghi pushing up U.S. Treasury yields and Mrs Yellen highlighting stretched risky asset prices.feedback

Patrick Harker - Federal Reserve Bank

I still see another rate hike as appropriate for 2017, having already implemented two this year.feedback

Janet L. Yellen - Federal Reserve System

I would say that I've got a good working relationship [with Mnuchin]. I've found solid respect for the independence of the Fed.feedback

Kaneo Ogino

Hedge funds are already selling yen this week, and positive comments from Yellen could give them an excuse to sell even more.feedback

Masashi Murata - Brown Brothers Harriman

Even after the break of the 112 level, the dollar didn't show any strong upward momentum.feedback

Stephen Gallo - BMO Capital Markets

The market continues to call the Fed's bluff on its intentions to change rates. I don't think anything (Fed chair) Janet Yellen can say this week will change that. We were saying buy dips in cable and euro (against the dollar) last week. We still look for the same this week.feedback

Thierry Albert Wizman

We'll know more from Yellen tomorrow. Traders are still split on what the Fed is going to do.feedback

Robert McNally

You cannot fight the Federal Reserve but you can fight OPEC. Somebody at OPEC has to cut further but no one is willing.feedback

Jim Cramer

I was pretty astonished last week that these stocks traded down when both the Treasury and the Federal Reserve gave them kisses.feedback

Jeremy Stretch - CIBC World Markets

I think that the burden of proof for the dollar (to appreciate) is pretty high. Even if there isn't going to be any outright criticism of Yellen, if you don't think U.S. (10-year government bond) yields are going to be above 2.20 per cent then it is tough to buy into it.feedback

Norihiro Fujito - Mitsubishi UFJ Morgan Stanley Securities

Even though the Federal Reserve is about to shrink its balance sheet, possibly as soon as in September, U.S. bond yields are kept at low levels, which are very comfortable for stocks. Trade volume is light and whether the market continues to rise depends on whether large cap tech shares continue to rebound.feedback

Janet L. Yellen - Federal Reserve System

We want to keep the expansion on a sustainable path and avoid the risk that ... we find ourselves in a situation where we've done nothing, and then need to raise the funds rate so rapidly that we risk a recession. But we are attentive to the fact that inflation is running below our 2 percent objective.feedback

Josh Bivens - Economic Policy Institute

Today's decision seems to indicate that the Fed is on autopilot to raise rates, regardless of what the data argue. This will lead quite soon to a pronounced slowdown in economic activity and job growth, and could essentially mean that we never manage to achieve genuine full employment or give American workers a real chance at sustained, durable wage growth.feedback

Michael Becker

It's hard to imagine that economic data could have a larger impact on mortgage rates than what the Federal Reserve says and does, but that's exactly what happened. The economic data that came out continued the trend of coming out softer than expected. … This, on top of a weak jobs report for May, has markets doubting the Fed will hike another time this year and start to unwind their balance sheet this year as well.feedback

Anja Hochberg - Credit Suisse Group

There's a relative outperformance of emerging markets on the equity side rather than the rest of the world. Then there will be some reversion here as well. In addition, of course you have the Federal Reserve rate hikes, people simply want to wait and see what's going to happen. Now we have it on the table people can react to it and certainly once that's digested, the way will be more open to emerging market assets in general.feedback

Janet L. Yellen - Federal Reserve System

Our decision reflects the progress the economy has made and is expected to make.feedback

Janet L. Yellen - Federal Reserve System

It's important not to overreact to a few readings, and data on inflation can be noisy. We continue to feel that with a strong labour market and with a labour market that's continuing to strengthen, the conditions are in place for inflation to move up.feedback

Jim Cramer

Instead, while you may have heard that [Yellen] could cool the housing market with this hike, ... then why did the housing stocks rally, with many of them hitting their highest levels since 2007, before the Great Recession? Why did Home Depot, the most housing-sensitive retail stock, soar? Because, at least for now, this rate hike a non-event.feedback

Jim Cramer

The S&P and Dow hit an all-time high yesterday, and the Dow hit another one today. That seems like a pretty good argument for why we should've been down big on today's rate hike, especially given how weak consumer spending has been and how tepid the overall growth rate is. But she's judged it correctly: a non-event that produced a little buying and a little selling is really an apt description of what happened in the wake of her actions.feedback

Jim Cramer

I didn't hear a soul come out today and mention how right Yellen's been and how wrong everyone else has been about factoring [in] the Trump effect. She's been right as rain about what was going to happen and she gets zero credit whatsoever for engineering this soft path out of the economic emergency room.feedback

Art Cashin

[Yellen] was [overly optimistic] based on the data today. I don't see them moving again this year, unless things improve dramatically.feedback

Ian Shepherdson - Pantheon Macroeconomics

One side has to blink, and given the Fed's 50-year obsession with the unemployment rate, it's unlikely to be Dr. Yellen.feedback

Greg McBride

As expected, the Federal Reserve followed through with an interest rate hike – the third in the past six months and fourth in the past 18 months. But this could be the last hike for a while. Until we see a reversal of the recent weakness in economic growth, retail sales and inflation, the Fed will be on the sidelines.feedback

Gwen Moore

President Trump's reported nominees at the Federal Reserve hold opinions radically outside the mainstream of the American public and the economic consensus. Emerging economic research indicates we can tolerate higher inflation if the trade off means higher wages and lower unemployment.feedback

Janet L. Yellen - Federal Reserve System

So what I've said about my own situation is I fully intend to serve out my term as chair, which ends in early February.feedback

Stephen Gallo - BMO Capital Markets

There was a stale short of the commodity bloc and the move in the CAD has dragged them higher. We'll still see rate hikes baked in for the future. But there is a risk that they will send some sort of dovish signal. A median dot comes down, something like that. If Yellen says something about balance sheet reduction, that would be dollar positive.feedback

Boris Schlossberg

The dollar will sell off very hard, bonds will be bought and equities will likely rally if there are no more rate hikes before 2017. The Fed chairwoman, Janet Yellen, has been arguing that inflation is going to accelerate into the second half of this year. Tomorrow's data is going to be key in telling us whether that's really going to be the case or whether it's going to stay very much moribund.feedback

Boris Schlossberg

The market is going to focus on the dot plot and what Chairwoman Janet Yellen says, whether she is going to be dovish or hawkish with respect to the rest of the year.feedback

William McChesney Martin

We should be under no illusions. A decision to move now can lead to an important revamping of the Federal Reserve System, including its structure and operating methods. This is a real possibility and I have been turning it over in my mind for months.feedback

William McChesney Martin

The function of the Federal Reserve, is to take away the punch bowl just as the party is getting good.feedback

Brad DeLong

When I write the history of the 2010s, I think both Ben Bernanke and Janet Yellen are going to be judged quite harshly.feedback

Matt Maley

Unless Comey drops a complete bomb shell … or crude oil begins to crash … the odds are pretty good that the stock markets will remain quiet until we hear from Janet Yellen next week.feedback

Kenneth J. Heinz

As a result, the thematic drivers of performance for H2 17 have shifted to include not only the Trump and Yellen trades, but also the Volatility reversal trade and the increased risk associated with Terrorism and Cybersecurity. Managers positioned tactically long and short which are able to navigate both rising and falling volatility market cycles are likely to lead industry performance in H2 17.feedback

Craig Erlam

We have a big week or so ahead of us with the UK heading to the polls and the ECB announcing its latest monetary policy decision on Thursday and the Federal Reserve doing the same next Wednesday. Once these events pass, we may have a little more clarity and therefore see a little less caution in the markets.feedback

Christopher Whalen

Clearly, these appointees are a significant departure from the crowd that we've had on the board. Yellen is probably the most left-wing Fed chair we've ever had. I also think both Quarles and Goodfriend have much better grounding in the financial markets. That would be refreshing.feedback

Ray Attrill

In the event that the polls prove to be giving a misleading impression of a fairly slender Conservative poll lead and instead they are returned to power with a reasonably increased majority (say 15 to 20 seats or more) then GBP should enjoy at least a modest relief rally. Our current forecast for GBP/USD at $1.30 by end of June and AUD/GBP at 0.56 likely requires such an outcome. On GBP/USD this assumes that the U.S. dollar comes to no harm out of the June 13/14 FOMC (when the Federal Reserve will meet to discuss interest rates).feedback

David Lamb

This is a broadly grim jobs report, but not quite grim enough to blow the Fed off course. The momentum - and expectation - for a June interest rate hike is sufficiently strong to ensure that (Fed Chair) Janet Yellen will still pull the trigger as expected on June 14th.feedback

Masashi Murata - Brown Brothers Harriman

Dollar/yen has climbed on the stronger-than-expected advance by Japanese stocks today. The dollar still needs a meaningful rise by U.S. yields if it is to gain further, and right now Treasuries appear to be bound by thoughts that the Federal Reserve will limit its monetary tightening after it hikes rates in June.feedback

Mark Hamrick

While the Federal Reserve might not be dissuaded from raising interest rates at this month's meeting, the jobs numbers might make the debate at least more vigorous. The lack of more substantial inflation also argues against a future trajectory of aggressive rate hikes.feedback

Michael Becker

Mortgage rates are near their lows for 2017. This despite the fact that the Federal Reserve continues to talk about rate hikes. I believe this is because markets are starting to discount the ability of the Trump administration to pass its pro-growth agenda, and the fact that economic data is coming in softer than expected. … I expect rates to stay low longer than most expect. But given that they are near the lows of the year I don't see them dropping further.feedback

Kiran Kowshik - UniCredit Research

In emerging markets there are a lot of things that are positive. In addition to the growth, the market is pretty relaxed on (U.S. Federal Reserve) policy right now – it seems like the Fed is not going to rock the boat.feedback

Marc Chaikin - Chaikin Analytics

Based on what we heard from the [Federal Reserve] last week, I think they're due for a second wind.feedback

Thu Lan Nguyen - Commerzbank

A lot of what we are seeing is the after effects of Friday's news and data releases, . We have a little bit of dollar strength following better U.S. data and some hawkish comments from Federal Reserve officials. And we have a little bit of a pound recovery following the latest poll results from the UK.feedback

Lukman Otunuga

Although expectations of a rate hike in June were realized when Federal Reserve officials said it would 'soon be appropriate' to raise rates again, the longer-term hiking path remains clouded. The prospect of a third U.S rate increase by the Federal Reserve in 2017 still remains under threat, especially when considering how Trump uncertainty still remains a major theme.feedback

Diane Swonk

I think there's still two rate hikes. What they want to do is set up a trajectory so there's a path to rate hikes and unwind the balance sheet in a measured and slow way before Chair Yellen leaves office.