Do not expect a flip-flop on financial reforms — Yellen to Trump

Yellen argued that, in the wake of the Dodd-Frank financial reforms, large banks shifted to a more stable mix of financing - relying more on equity investors, and less on risky, short-term borrowing - a development that has "boosted the resilience of the financial system".

The dollar index, which tracks the greenback against a basket of other major currencies, fell 0.3 percent to 92.498, its lowest level since January 2015. "By contrast, the stronger regulatory regime that we have now has enabled economies to endure a long period of low interest rates without any significant side-effects on financial stability, which has been crucial for stabilizing demand and inflation worldwide", Draghi said. That said, we also believe that ECB members will try to prevent aggressive tightening in the financial conditions in the shape and form of a surging EUR.

Analysts said recent turmoil in Washington spurred market concerns about whether the Trump administration is able to push through its economic agenda.

European Central Bank President Mario Draghi is also scheduled to speak.

Yellen said that overall, the regulatory change put banks, and the economy, back on their feet.

But Fed chairs are not judged by the baseline of some oversimplified economic model. Fed Up, a group representing community activists, labour unions and liberal policy groups, held a rally Friday on the grounds of the mountain lodge where the conference took place and presented petitions signed by 20,400 people urging Trump to pick Yellen for a second term.

Gasoline futures soared as much as 6.8 percent at one point as the storm battered Texas, whose coastal refineries account for a quarter of U.S. crude oil refining capacity.

But Wall Street was still concerned about political uncertainty in the White House. It reached 2.64 percent in December, the highest since 2014. The shortfall in RBI's dividend payout to government, around Rs 35,000 crore (combined dividend shortfall from PSU payouts), will likely need to be addressed either in eschewing a marginal breach of fiscal targets or by curtailing fresh spending. The phrase reminds me of my mother's frequent observation that "somebody", unnamed, had not tidied his bedroom (I was an only child).

The Federal Reserve appears to be growing increasingly concerned about inflation.

In her keynote address earlier today at the central bank's annual retreat in Jackson Hole, Yellen advocated preserving the very post-crisis banking rules that President Donald Trump seeks to undo.

President Trump and congressional Republicans say many of the Obama-era rules go too far in choking off credit and burdening firms with unnecessary compliance.

While credit was less available to borrowers with poorer credit histories, Ms Yellen said there were a number of drivers behind this issue.

Yellen said the Fed is prepared to adjust the regulations as needed to help financial institutions.

Yellen addressed these criticisms head on in her speech, saying that research is mixed but that Fed officials believe there were "sizable net benefits to economic growth from higher capital standards".

Yellen's remarks disappointed some investors who had hoped for hints on the Fed's plans for interest rates. Leveraged trading is high risk and not suitable for all.

(Derechos de autor © 2015. Todos los derechos reservados.)
 
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