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By Tyler Durden

In an oddly-timed-release, just a day after her 'unusual' meeting with President Obama (and sandwiched between two “emergency Fed meetings”), Janet Yellen's seemingly legacy-protecting narrative-confirming interview with TIME magazine proclaiming once again that “we are focused on Main Street, on supporting economic conditions – plentiful jobs and stable prices – that help all Americans.” So now you know – it's all for you America – the bank bailouts, the deflationary-glut-creating ZIRP, the money-printing, and the “confusing and confounding” messaging. Now stop your complaining and Vote Hillary!

As TIME reports, you don’t often hear central bankers say, “I don’t know.” That’s because monetary wizards, like brain surgeons and rocket scientists, tend to cultivate an aura of omniscience. Their vast underground computers crank out supposedly precise answers to complex questions about where the global economy will be in the next five minutes or the next five years. But Federal Reserve Board Chair Janet Yellen has never been allergic to uncertainty.

In a recent interview with TIME, she made it clear there are plenty of things about the economy both at home and abroad that the Fed—not to mention economists, investors, politicians and the rest of us—doesn’t grasp right now. Unemployment has dropped to pre-crisis levels, but wages remain stagnant. The traditional relationship between job creation and inflation seems to have broken down. More and more technology has not boosted productivity, as it has in the past. Asset classes like stocks or bonds no longer move together in the ways they used to. In short, the global economy is playing by new rules, rules Yellen and the Fed itself are trying to puzzle out. “Sometimes you have to make decisions without knowing all that you would like to know,” she says. “That’s part of the job.”

This new reality is partly the result of the $29 trillion that central bankers pumped into the global economy over the last few years. (The Fed alone dumped $4.5 trillion in the U.S.) Central bankers were forced to take such steps because gridlocked governments didn’t act to put more fiscal stimulus into their economies after the 2008 financial crisis. They became, as economist Mohamed El-Erian has written, “the only game in town” for propping up growth. The downside of the recovery: distortions in corporate debt and equity markets and the risk of another crash.

The Fed has frequently been criticized, particularly by Republicans but also by some on the left, for continuing to keep rates low in such an environment. By many metrics, the American recovery is improving, and easy monetary policies have been known to encourage risky financial behaviors of the sort made infamous in 2008. But Yellen sees herself less as a wizard that backs into numbers via computer models and more of a family doctor who’s taken an oath to first do no harm. “We necessarily operate in an environment in which there’s a great deal of uncertainty,” she notes, talking about everything from the Chinese financial markets to the future of …read more

Source: Day After Obama Meeting, Yellen Confirms Fed "Focused On Main Street… Helping All Americans"

    

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Posted April 14th, 2016 in Uncategorized.