The Presidential Daily Brief

Important

  1. Fed Chief Sees Rate Hikes on Horizon

    Keep an eye on the word “patient.” In remarks to the Senate Banking Committee yesterday, Federal Reserve Chair Janet Yellen said the central bank would first drop that word from its statements before it makes a move to raise the benchmark interest rate from near zero. Her comments laid the groundwork for liftoff later this year, possibly as early as June, but more likely in October. Yellen’s testimony, swinging from optimism to concern over low inflation, will ultimately keep investors guessing.

    Reuters, Bloomberg, WSJ (sub)

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