Dailyfx | May 07, 2014 12:46PM ET
Key Q&A Comments:
Fed Chair Yellen repeated many previous remarks at the testimony in front of Congress today and remained incredibly cautious in her language in regards to future rate hikes. It is notable that Chair Yellen discussed fiscal policy to more a degree than she has prior. It was said that work would be needed in regards to fiscal sustainability and that in the context of riding rates, Congress should address fiscal policy accordingly. More comments were made on the Fed’s mortgage backed security holdings as Yellen stated that the Fed did not intend to sell holdings, but that holdings would decrease vis-à-vis maturing MBS.
Although equities pulled off intraday lows, yields continued to fall and any spike higher in Yen crosses was quickly sold. At the time of this report, 10-year yields are at 2.586% vs. intraday high of 2.614%.
Source: FXCM Marketscope
Gregory Marks, DailyFX Research Team
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