Yellen Says ‘High Degree’ of Accommodation Still Needed

[Purveyor]

Source: Bloomberg

By Jeff Kearns and Craig Torres May 7, 2014 12:28 PM ET

Federal Reserve Chair Janet Yellen made it clear she believes the economy still requires a strong dose of stimulus five years after the recession ended because unemployment and inflation are well short of the Fed’s goals.

“A high degree of monetary accommodation remains warranted,” Yellen said today in testimony prepared for delivery to the Joint Economic Committee of Congress. “Many Americans who want a job are still unemployed,” and inflation is below the central bank’s 2 percent target, she said.

Data show “solid growth” in the second quarter, bolstering the case for a faster expansion this year, Yellen said. Gains in household wealth from rising home prices, less drag from federal and state and local budgets, and stronger growth abroad should all drive investment and consumption.

The Fed chair cited the slowdown in U.S. housing as a risk, along with “heightened geopolitical tensions” and financial stress in emerging markets.

Read more: http://www.bloomberg.com/news/2014-05-07/yellen-says-high-degree-of-accommodation-remains-warranted.html

[jtuck004]

1. Too bad nobody has the spine to tell people that this is just a delaying tactic, that this nation is

now permanently behind others, and will continue to swirl the drain.

They just hope it doesn't crater on their watch.

Millions more are in poverty than there were when we started the Financial Crisis (i.e. theft by the banks and their lapdogs), 7 million families foreclosed on and thrown into the street, millions of jobs that have not returned, millions of high paying jobs disappeared and replaced with low paying jobs which will leave people in servitude. We just passed the number of jobs lost prior to 2008 in the April jobs report, but since then have added about 14 million new people with no jobs for them.

And it may very well never be fixed as long as their friends leave the criminals in charge of the banks.

Working people have less money than they had at the start of this Depression, and and thus to speak of growth is much like the used car salesman lies to you about the condition of the automobile they are hoping you are gullible enough to buy.

Take a look at the home ownership rate between 2004 and now...
http://www.doctorhousingbubble.com/housing-inflexion-point-6-charts-young-living-at-home-household-formation-prices/

Jobs?

http://time.com/79061/report-low-pay-jobs-replace-high-pay-jobs-since-recession/
or here

...
Since the start of the Great Recession five years ago, the plight of the American worker has become a major focus of both political and policy energy. As the U.S. economy recovers, scholars, policymakers, and leaders in both parties are seeking a better understanding of what the new economy looks like and the implications it holds for the American worker. Recent analyses suggest that half of the U.S. jobs lost during the Great Recession were middle-class jobs, but that only 2 percent of the jobs gained during the recovery pay middle-class wages. Instead, these disappearing middle-class jobs are being replaced by lower-wage positions with 70 percent of recovery jobs growth occurring in lower-wage industries.
...

http://www.apnorc.org/PDFs/Wages/AP_NORC_Low%20Wage%20Earners_Final.pdf

The country is poorer than it was, and this $1.2 trillion each year being handed over to the criminals that are running the banker to profit from is helping the wealthy continue their plundering.

And they say Russia puts out propaganda