Scoreboard: Yellen respite

Wall Street lifted after the Fed chair hinted a pause in QE tapering was possible.

The S&P500 looks like it’s going to make another record today, brushing aside mixed economic data and perhaps focusing instead on comments Fed Chair Janet Yellen made to the US Senate. I mentioned some time ago that the Fed might use the weather-distorted data to take a break from tapering and prolong QE. We got some hints last night that this may be what Yellen intends. Specifically, she said that while “a number of data releases have pointed to softer spending than analysts had expected … that may reflect in part adverse weather conditions, but at this point it is difficult to discern exactly how much”.

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