Scoreboard: Yellen smooth-talk

Global markets cheered as the Fed chair expressed confidence in the US recovery and stuck to her tapering guns.

I don’t think there were too many surprises in US Fed Chair Janet Yellen’s testimony overnight. The bottom line is that she, and the Fed, reckon the US economy is strong enough for them to keep tapering, and most analysts look for a further $US10 billion in cuts at upcoming meetings. Steady as she goes, as it were.

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