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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (13833)	10/21/2004 8:33:17 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

Fed´s Yellen says U.S. economy ´not out of woods´ yet Thursday, October 21, 2004 10:36:49 PM afxpress.com Fed's Yellen says U.S. economy 'not out of woods' yet SAN FRANCISCO (AFX) -- The U.S. economy is not "completely out of the woods just yet," according to Janet Yellen, the president of the San Francisco Fed. In one of the more cautionary speeches on the economic outlook from any top Fed official in recent months, Yellen said high oil prices, business caution, and the high trade deficit might cause economic activity or labor market activity to slow down. This might cause the Fed to "consider pausing" in the process of raising rates, she said. While Fed policy remains accommodative and rates will have to rise from the current 1.75 percent level, Yellen lowered her estimate of the neutral level of rates to somewhere below the 3.5-4.5 percent range she estimated in September ===================================== Somewhere below? Like how somewhere? Note the striking difference between this and Bernanke who seems to have gotten "credibility religion" today. My intrepretation: Hike in Nov No hike in Dec "Credibility" maintained by the Nov hike. Doveish comments on that hike. Mish