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1.Market Observations, 8.Was Sticky

17 July 2017 (AFR) – Restrained Janet Yellen sharpens focus on inflation

[COMMENT: A number of global markets rallied on Wednesday, perhaps as a result of this news.]

(17 July 2017, AFR, p19, by Robin Wigglesworth)

‘… Ms Yellen on Thursday (AEST) said slowing inflation was only “partly the result of a few unusual reductions” in parts of the consumer price index, a less confident wording than the Fed has used in the recent past. That was initially enough to burnish a rally in Treasuries, with the yield on the benchmark 10-year US government bond falling to 2.32 per cent, a one-week low, by late on Thursday (AEST). The 30-year bond yield also dropped to as low as 2.88 per cent. Equities took their cue from the benign reaction in fixed income, with the S&P 500 finishing higher on Wednesday after her first day of testimony and climbing further early on Thursday.’

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