FEDERAL RESERVE: “Federal Reserve Chairwoman Janet Yellen defended the financial regulations enacted in the wake of the financial crisis that began a decade ago, while keeping the door open to modest changes in the postcrisis rules.
Her speech Friday [8-25-17] at the U.S. central bank’s annual retreat in Grand Teton National Park came as the Trump administration and congressional Republicans look to roll back regulations that they say have made it harder for families and businesses to borrow money, hurting the economy. She largely rejected those arguments…
Ms. Yellen didn’t discuss the outlook for economic conditions or monetary policy. Even so, the S&P 500 rose, the yield on benchmark 10-year Treasury notes fell, and the U.S. dollar weakened versus a basket of major currencies. Dennis DeBusschere, macro research analyst at Evercore ISI, said the market’s reaction reflected the view that financial stability concerns won’t prompt the Fed to raise rates.
This week could be Ms. Yellen’s final appearance at the Jackson Lake Lodge as the Fed’s leader, since her term is up in early February. President Donald Trump has said she is among the candidates he is considering for the post; another is Mr. Trump’s National Economic Council director, Gary Cohn. The job requires confirmation by the Senate, where Republicans hold a slim majority.”
-Ben Leubsdorf and Kate Davidson, “Fed’s Yellen Defends Postcrisis Regulations in Jackson Hole,” The Wall Street Journal online, Aug. 25, 2017 11:46am