There was nothing in Yellen's comments to worry the markets today

There was nothing in Yellen's comments to worry the markets today. In fact, they were reassuring for investors. US short-term interest rates will probably not rise until the economy is clearly stronger and 10-year government bonds are closer to 3% than today's level of 2.587%. Yellen will know that smart machines are the main reason for the elevated unemployment rate and the huge number of people who are working part-time rather than full-time which they would prefer. In fairness to the Chairman, 'full employment' is one of her two mandates but more difficult to achieve due to the accelerating rate of technological innovation which this service has so often emphasised.


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