from yellen's October 9, 2013 statement - she sees the FED with three mandates:
The mandate of the Federal Reserve is
1) to serve all the American people,
2) help ensure that everyone has the opportunity to work hard and build a better life. We can ensure that inflation remains in check and doesn't undermine the benefits of a growing economy.
3) We can and must safeguard the financial system
Which, do you think, is the only one that really counts to her and her gang ?
re "they do not have a lot of policy options"
Under-estimate Yellen gang's "macroprudential policy" which has yet to kick in at thy own risk
Paris ib 15:53:04 GMT - 10/15/2014
And when / if that happens what is the FED going to do? Cut rates? Introduce some more QE ?? To what end ?? Bond yields are already low. They will then find themselves in an interesting position.
Meanwhile at the geopolitical side of things all the U.S. wars of aggression are being lost. Which is not surprising. The natives aren't exactly enthusiastic about what the U.S. has done in their land. So the U.S. is bombing in retaliation.... like in Vietnam. Leaving a toxic legacy in vengeance. Same old same old.
from chart history: after the Babson Break 3% pre-tremour shake, not even two months later on Oct 29, stocks megapuked 12%
Mtl JP 15:24:25 GMT - 10/15/2014
JN 15:03 / from wikipedia: On September 5, 1929, he gave a speech saying, "Sooner or later a crash is coming, and it may be terrific." Later that day the stock market declined by about 3%. This became known as the "Babson Break".
of note: Babson was made out to be a nutball by the then MSM, and when stocks did puke folks dumped on him instead of thank him for a heads up !
It appears not much has changed today.
NY JM 15:10:21 GMT - 10/15/2014
Hedge funds are getting crushed and this seems to be fueling what has been a classic liquidating market.
Miami JN 15:03:30 GMT - 10/15/2014
JP what is this Babson break mean?
Paris ib 14:32:02 GMT - 10/15/2014
Italy is down nearly 4%. Japan is down 2.6%.
Mtl JP 14:31:13 GMT - 10/15/2014
closest to Babson Break is German DAX off - 2.7%
Mtl JP 14:21:57 GMT - 10/15/2014
john 14:16 we have not yet a single Babson Break day in stocks
-1.5% yes, -2% yes but not -3%
GVI Forex john 14:16:45 GMT - 10/15/2014
5% day in pivot points for EURUSD R3 and USDJPY S3
back in line now.
As for the rest of the day, its all about stocks which appear to be stabilizing for now. The panic in stocks was triggered (catalyst) by the Retail Sales, PPI and Empire PMI data on the open. Stock sellers then moved into bonds (buying).
The RISK for the balance of the session is whether there will be another wave of margin selling in equities later. Personally I would not even hazard a guess is that is in the cards.
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