The Presidential Daily Brief

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    Fed Expresses Concern, Sparking Global Jitters

    When Janet Yellen sneezes, the world catches a cold. The Federal Reserve Chair’s testimony before Congress, combined with plummeting oil prices today — below $27 a barrel — have upset markets worldwide. Shares dipped 4 percent in Hong Kong, with European shares following suit and the Dow losing 220 points after open. Yellen told a House committee yesterday that financial conditions in America have recently become “less supportive” of growth, but OZY’s Steve Butler says Yellen will also have to battle an underlying loss of confidence that central banks themselves are the solution to economic woes.

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