Goldman Sachs’ take on the Yellen testimony

She is clearly preparing grouds for changes to fwd guidance. Tho not clear when. She dispels idea that removing guidance signals a hike two meetings later. Nothing new on economy, mainly reiteration of things they have discussed before: Labor market improved & Inflation below longer term trend.Bottom line: nothing new in any of this as far as we can seeJefferies (Mccarthy): In sum, since the July 2014 Monetary Policy Report, there has been important progress toward the FOMC’s objective of maximum employment. However, despite this improvement, too many Americans remain unemployed or underemployed, wage growth is still sluggish, and inflation remains well below our longer-run objective. As always, the Federal Reserve remains committed to employing its tools to best promote the attainment of its objectives of maximum employment and price stability.

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