iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,864 Blog Posts

Yellen Throws Butterscotch Candies at Market, Hints at December Hike

Just when you thought the rally monkey was cock out, dancing on the graves of short sellers, Grandma Yellen comes out from the woodwork to talk shit.

Federal Reserve Chair Janet Yellen said Wednesday that December would be a “live possibility” for a rate hike if the upcoming data are supportive.

“Now no decision has been made on that and, what it will depend on, is the [Federal Open Market Committee’s] assessment at the time. That assessment will be informed by all of the data that we collect between now and then,” she said, testifying before the House Financial Services Committee.

Yellen also said she and the committee expect the economy to grow “at a pace that’s sufficient to generate further improvement in the labor market, and to return inflation to our 2 percent target.”

“If the incoming information supports that expectation, then or statement indicates that December would be a live possibility,” she said.

A rate hike isn’t the worst thing in the world, especially not for banks. With a wider yield curve,  banks will make even more money. Those bank exec motherfuckers will be popping champagne corks into the faces of people who got denied mortgage loans in no time at all.

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18 comments

  1. infinitezuul

    Are there really people out there that didn’t get the message the Fed gave us last week? The message was “We are going to hike rates immediately because otherwise we will never be able to.”

    Anyway, my QQQ puts have been demolished to the tune of 40% since I bought them just before and just after the Fed statement. I doubled down today, buying longer dated Jans. Anyway, there is more pain in store for me.

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  2. juice

    pile on: another Ackman hater http://pdfsr.com/pdf/the-missing-piece

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  3. the dude

    Faux hawkerness. No hike in December.

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  4. UncleBuccs

    Yeah – those teeth cant handle hard candy.. http://i.imgur.com/79RhN7N.jpg

    You can’t fool us, grandma.

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  5. blahblahblah

    ooh ooh a savory dose of market drama starts with the noon teevee monkeys

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  6. vandamme

    Butter(ed)scotch?

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  7. zheeeem

    I’d support a rate hike just so people would stop yakkin’ about a rate hike. 25 bps is not going to crash the global economy.

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  8. stockslueth

    Fed officials should be arrested for market manipulation.

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  9. frog

    Jawboning about hiking rates is the new hiking rates.

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  10. pb

    The entire stocked market is a house of cards at the moment. Ain’t a chance in hell that Grandma Dynamite is going to do anything to topple it. After massive amounts of debt are vaporized, THEN her replacement can credibly talk about rate hikes.

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  11. formergeek

    She’s gotta jawbone to try and slow this rocket down, of course dollar jumps which kills companies so round and round we go

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  12. gapfiller

    Looks like we may have the same old pattern:

    1. Fed jawboning about a rate hike causes the market to trade down heading into the FOMC meeting.

    2. Due to the market trading down — although they may cite other factors — the FOMC declines to raise rates.

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  13. traderconfessions
    traderconfessions

    Same shit every month. Raise it already and then we will witness a big yawn.

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  14. J Adabese (your pen pal)
    J Adabese (your pen pal)

    Le Fly is Jeff Macke

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  15. J Adabese (your pen pal)
    J Adabese (your pen pal)

    I want to kill grandma !!!

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  16. frog

    Fascinating NYT blog post Excerpt here:

    “Indeed; in normal times Druckenmiller could doubtless run circles around me in terms of outguessing the market. But here’s the thing: the post-2008 period has been one in which the instincts of master traders, developed in a very different era, have been a poor guide to events. What has worked, instead, is Macroeconomics 101, which is why people like me — or, if you really dislike yours truly, Ben Bernanke — have done pretty well. (I was at a book party a couple of months back, and was accosted by one very famous investor who said, bitterly, “Well, so far the markets agree with you.”)”

    Roosting Chickens and Fed-Bashing

    http://krugman.blogs.nytimes.com/2015/11/04/roosting-chickens-and-fed-bashing/?module=BlogPost-Title&version=Blog%20Main&contentCollection=Opinion&action=Click&pgtype=Blogs&region=Body

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