What Janet Yellen Said To Congress...

Janet Yellen, Fed Chairwoman, blathered on about the economy, monetary and fiscal policy on Wednesday before the House Financial Services Committee, at one point saying that chances for the economy to improve or decline were roughly equal.

Those words set off the market like a bottle rocket, essentially painting the Fed as "dovish," meaning that both interest rate hikes and the winding down of its enormous balance sheet were subject to adjustments.

In other words, easy money as far as the eyes can see, and Wall Street took up the baton and ran with it, sending the Dow to new all-time highs and the NASDAQ up sharply.

Janet Yellen obviously doesn't know squat about the economy. Anybody capable of fogging a mirror could have made a statement such as hers, as in, "oh, sure, the economy might improve, or maybe not."

It's amazing that people put so much faith (and money matters) into the hands of fools such as Yellen and her fellow central bankers, all of whom have as their primary interest, themselves, not you, not the consumer, not the economy of any nation.

On Thursday, Yellen testifies before the Senate Banking Committee.

Cheers!

At the Close, 7/12/17:
Dow: 21,532.14, +123.07 (0.57%)
NASDAQ: 6,261.17, +67.87 (1.10%)
S&P 500: 2,443.25, +17.72 (0.73%)
NYSE Composite: 11,825.90, +81.13 (0.69%)