Yellen Says Extraordinary Support Needed for ‘Some Time’

[Purveyor]

Source: Bloomberg

By Jeff Kearns and Craig Torres Mar 31, 2014 11:46 AM ET

Federal Reserve Chair Janet Yellen, easing investor concern that interest rates may rise earlier than previously forecast, said the central bank’s unprecedented stimulus will be needed for “some time.”

Yellen, citing the examples of three people struggling to find work, used a speech to a community development conference in Chicago to make the case for continued Fed stimulus, which has included more than five years of interest rates near zero and trillions in bond purchases.

“This extraordinary commitment is still needed and will be for some time, and I believe that view is widely shared by my fellow policymakers at the Fed,” Yellen said. “The scars from the Great Recession remain, and reaching our goals will take time.”

Stocks rose as Yellen highlighted the Fed’s commitment to spur the economy and put 10.5 million unemployed Americans back to work. Share prices fell on March 19, when she said in a press conference that the Fed might start raising the benchmark interest rate above zero about six months after ending its bond purchase program. Yellen didn’t mention a timetable today.

Read more: http://www.bloomberg.com/news/2014-03-31/yellen-says-extraordinary-support-needed-for-some-time-.html

[leftyohiolib]

1. the program that lets banks take money at 0% then loan it to us at 5 or 6% is that the one

[PoliticAverse]

2. The 1% doesn't have all the money yet so the Fed has to continue in their efforts. n/t

[Psephos]

3. The Fed is a private banking corporation.

Like all private corporations, it serves its owners. Anyone who thinks the Fed's prime motivation is to serve the "public" is a fool.

"Quantitative Easing" (printing money out of thin air) cannot and will not end until the economy is wrecked and the dollar is worthless. If they pull back even a little, interest rates on Treasury bonds will rise back to pre-QE levels, and the US government will go bankrupt.

The dollar has already lost 95% of its value since the founding of the Fed in 1913. They will get the last 5%, count on it.

[Munificence]

4. And it's "Owners"

are the "real money" folks. Old money, our politicians, and the "good ol' boys club"...the 0.01%.