Janet Yellen made her Fed debut at their Jackson Hole conference today.
Her remarks moved the markets back and forth a bit, and in light volumes with littler other geopolitical and economic news the markets did a sideways consolidation.
Well, there was some news. Various government figures have started warning about a large scale terror attack by ISIS. One can only wonder what time the next building falls down.
Not to worry one might think, at least judging by the VIX which continues to fall to relatively complacent levels, lulled by the Fed, with a milky smile on its lips.
The discussions are primarily useless on most financial television shows. They typically present the viewer with a false dichotomy. Either the Fed must have done exactly as it has done, or it would have done nothing, with a 1930's Depression as the result. Take your pick of a purely binary choice, just like the US elections.
Perhaps there are a broader range of policy alternatives to consider? Not on the Capitol District's bubblevision.
Have a pleasant weekend.
