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Yellen's Market Moving Speech
Posted to: Micro News
Tuesday, February 11, 2014 8:48 AM

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This is what Yellen will say to the House Financial Services Committee before they begin asking questions today at 10am:

Full Text

Here are the highlights from Reuters:

•    Fed's Yellen says pickup in economic activity has fueled further progress in jobs market but labor market recovery far from complete
•    Yellen says number of long-term unemployed, underemployed underscore importance of considering more than jobless rate when evaluating health of labor market
•    Yellen says some of recent softness in inflation likely reflects transitory factors, cites oil and non-oil imports
•    Yellen says FOMC believes at this stage recent volatility in global financial markets does not pose substantial risks to US Economic outlook
•    Yellen says she expects "great deal of continuity" in FOMC's approach to monetary policy, strongly supports current policy strategy
•    Yellen says FOMC likely to reduce pace of asset purchases in further measured steps if labor market conditions, inflation continue to improve
•    Yellen says crossing policy thresholds would not prompt automatic rate hike but would indicate it appropriate to consider whether broader economic outlook justified a hike
•    Yellen says committed to helping return economy to full employment and ensuring inflation not persistently above or below 2 pct
•    Yellen says Fed expects to report results from stress tests of largest 30 bank holding companies in March

Perhaps the easiest justification for bond market weakness in these highlights is simply that Yellen "strongly supports" the current strategy.  Once again, we're left with the ambiguous conditionality "if labor market conditions continue to improve."  Perhaps she will be willing to do more to define improvement in today's Q&A.  If not, market participants will certainly be willing to debate it.

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